The Florida real estate market has been on fire for the past few years, particularly during the COVID-19 pandemic as many individuals and corporate entities looked to relocate to a state with less intrusive lockdown measures and year-round ideal temperatures. Subsequently, home prices in Florida have risen sharply since 2020, increasing by more than 24% in 2021 alone. With one of the most rapidly expanding populations in the country and ample employment opportunities thanks to a diversified economy, Florida is an excellent location for fix-and-flip investors looking to optimize profit margins on their next round of renovation projects. That’s why the team at Gauntlet Funding has compiled the following list of promising local Florida real estate markets that are primed for highly profitable fix and flip investments headed into 2023.
This scenic community is also one of the fastest expanding metropolitan hubs in the entire United States and plays host to over 30 Fortune 500 companies. Cape Coral is a destination for both retirees and highly skilled employees—all of whom will be on the hunt for viable accommodations. The average listing price for homes in the area is $363,000, and the typical home only spends a median of 11 days on the market before it’s gone. That’s great news for fix-and-flip investors, who can rest assured that their rehabbed properties will not linger vacant on the market for long thanks to the ample buyer demand that has remained consistent for years.
Positioned on the Florida Peninsula and directly across from the lively city of Tampa, the St. Petersburg real estate market has been on a tear in 2022. Home prices have risen by 13% since last year. The inventory is tight due to local zoning ordinances that limit the number of new developments, which means that fix-and-flip investors can leverage the housing shortage to their advantage for a sizeable profit by upgrading existing structures and marketing them to the many well-qualified aspiring homeowners that are relocating to the area in droves thanks to the wealth of employment opportunities. Just like Cape Coral, houses don’t sit on the open market for long in St. Petersburg, spending on average just 11 days before being closed on.
Ideally located adjacent to the major tourism draw of Orlando, Kissimmee is comparable to St. Petersburg in that the local market is highly active thanks to a nearby larger metropolitan area. Fix-and-flip investors will benefit from the spillover of aspiring homeowners in Orlando who are seeking alternative housing options at a more favorable price point than can be found within the crowded city confines. Kissimmee boasts a broad range of investment property assets, ranging from entry-level homes perfect for newer fix-and-flippers operating on strict budgets to luxury properties in need of upgrades for seasoned rehabbers with adequate capital to take on more extensive projects. The median time on market for houses in the area is only 9 days and the average sales price is $305,000. Investors take note and be sure not to overlook Kissimmee when developing your 2023 strategy.
When you partner with Gauntlet Funding, you’re not just signing up for efficient and hassle-free access to the capital you need to close transactions quickly to scale your investment business—you are also getting direct access to our decades of collective experience and insights into the real estate industry. We are invested in every one of our clients’ successes and go above and beyond to provide the resources they need to accomplish their goals. Contact us today to see the difference Gauntlet Funding can make for you in 2023!