Florida has become a symbol of paradise for many people looking for a great vacation. It’s also evolved into a destination for millions of people looking to relocate and buy a new home. Because of this demand, the biggest and most successful real estate developers have flocked to the state to create new developments and communities of homes for people wanting to experience resort-style living. Here are the top reasons why Florida is such a hot spot for real estate development.
The biggest reason why Florida is such a mecca for mega real estate development projects is its ideal weather conditions. The state has a humid subtropical and tropical climate. This translates to long, hot summers and extremely short, mild winters. During the coldest times of the year, most people don’t need more than a light jacket. Throughout the year, it’s possible to wear shorts and even go swimming, making Florida a year-round vacation destination.
People also love Florida because of the massive amount of waterfront coastline. On the western side of the state, there are miles of beaches along the calm, blue waters of the Gulf of Mexico. The eastern side of the state enjoys miles of pristine beaches on the Atlantic Ocean and resort communities by developer Roger Osteen Jacksonville. Wherever you are in the state, you’re not more than a few hours away from a beach.
Next, developers prefer Florida for real estate projects because of the demographics in the state. Many people move to Florida specifically to buy property near the water. More than 19 percent of Florida’s residents are older than 65, the largest concentration of retirees in the country. Additionally, Florida is also a second home to many people known as snowbirds. These individuals may live somewhere else in the country during the spring, summer, and fall, and escape to their second home in Florida when the winter arrives.
The Resort Communities
Developers and homebuyers are also attracted to Florida because of the large numbers of current resort communities. The demand for this style of living in Florida continues to be strong, pushing the need for more development of property by entrepreneurs like Roger Osteen of Jacksonville.
Florida is also home to several large theme parks and attractions that keep people coming to the state and purchasing properties for residential use or rental income. Walt Disney World has a massive network of theme parks in the Orlando region. Additionally, Universal has their own set of theme parks nearby. The Orlando region is one of the most popular vacation spots in the world. In South Florida, areas like Miami, Key West, and Fort Lauderdale also bring in millions of visitors annually.
The Business Incentives
The state of Florida has also strived to be one of the top places for businesses. It’s done this through the use of special incentives to help ventures save money in taxes and other methods if they come to Florida. This includes special industry tax refunds, workforce training incentives, rural development grants, urban growth incentives, and more.
The Tax Rate
The last reason Florida is an attractive area for the real estate business is its tax rate. The property tax rate is lower here than most other places in the nation. Additionally, retired individuals receive numerous tax benefits and breaks on their income. There is no income tax in the state, which is a huge benefit to residents.
The real estate development scene in Florida continues to flourish. More gorgeous planned communities will pop up and attract new residents to this beautiful state known for incredible beaches, plenty of sunshine, lower taxes, and a year-round style of living that feels more like a vacation.