Cash is Still King in Florida real estate!
Florida was tops in the nation relative to the number of single-family homes and condominiums that were bought in July, 2015, with no financing. It’s important to remember that in destination places like Naples, Florida, that most of the properties sold are second-family homes being purchased as a vacation home or for retirement in the future. Led by the city of Sebastian, markets throughout the state claimed the first nine spots on RealtyTrac's list of metropolitan areas with the greatest share of cash real estate deals. I’m not familiar where Sebastian is and was curious as to why this city may have come in at number on. Sebastian, Florida, is located in Indian River County approximately midway through the east coast of Florida between Melbourne and Vero Beach in an area known as the Treasure Coast. It is recognized as the home of Pelican Island, the first designated wildlife refuge in the United States, a Millennium City, and a Tree City USA. In doing more research most of the homes for sale are under $300,000 and Sebastian boasts nearness to the ocean with river and intracoastal access which I’m sure appeals to those who come to Florida for its beaches, boating and fishing.
Last month, about 54.6 percent of homes in Sebastian were purchased without a mortgage compared to about 43 percent for Florida as a whole and an eight-year low of just 22.6 percent for the country overall. Other leading Florida destinations for cash deals included Homosassa Springs, Sebring, Naples, Port St. Lucie, Charlotte County, and Sarasota-Manatee.
Naples continues to be the perfect place to call home, either full-time or for those of you looking for the ideal vacation spot. There are endless opportunities for shopping, dining, recreation, boating, fishing, walking the beach or just sitting by the pool and soaking up the sun.
Source: Sarasota Herald-Tribune, 8/27/15