Experts: Buy Real Estate in These 3 Florida Cities in the Next 5 Years
Florida has no shortage of people wanting a piece of it — retirees, remote workers, career movers, etc. — and the real estate market reflects that demand. But the most talked-about cities like Miami often come with price tags to match their reputation.
So where should you actually buy? We asked the experts: Southeast Florida real estate agents Julio Ybanez and Raul Gastesi, who's also a Florida attorney specializing in real estate law for 30 years. Together, they pointed us toward three Florida cities that fly under the radar — they're affordable, livable and worth buying into for the long haul.
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Here's what they recommended.
Pompano Beach
If you look up the best Florida cities to buy property, Pompano Beach, a city 40 miles north of Miami, might not pop up right away. However, it should be at the top of buyers' considerations if they're interested in a beach town lifestyle without an overwhelmingly high cost of living.
"Pompano Beach prices are still notably lower than those of its affluent neighbors, Fort Lauderdale and Boca Raton," Ybanez said.
Pompano Beach is currently transforming, allowing it to shed its former reputation as a dormant city. According to Ybanez, prestigious brands like the Ritz-Carlton and Waldorf Astoria are in the pre-construction stage of building beachfront condominiums.
In the downtown and historic districts, an identical transformation is underway thanks to the city's Community Redevelopment Agency (CRE). These developments, Ybanez said, are critical for potential homebuyers to watch and see how they benefit their purchasing plans.
Other benefits of living in Pompano Beach include the overall perk of no income taxes enjoyed by all Florida residents, access to hospitals, airports, city conveniences and excellent charter schools.
Fort Myers
While Gastesi recommended several Florida cities, he said Fort Myers is one of the top areas where homebuyers should purchase property in the next five years.
Not too long ago, Fort Myers had a reputation for being a retirement town. However, the city has shifted to offering more diverse activities -- including outdoor recreation, dining and cultural sightseeing -- to attract an increasingly younger demographic. According to U.S. News & World Report, the median age of a Fort Myers resident is 45 years old.
Compared to cities like Miami, Gastesi said there's a lot of land still available in Fort Myers for residential development. And even without state income tax, he said it's a less expensive alternative than cities in Southwest Florida like Naples or Marco Island.
North Bay Village
North of Miami Beach is North Bay Village, a city made up of three islands. Ybanez said it has been fairly under the radar until recently. Buyers who want the Miami lifestyle at a steep discount (think 30% to 40% less than what you'd pay there) are urged by Ybanez to consider buying property here.
"North Bay Village is an extraordinary home investment opportunity due to its strategic location on the magnificent Biscayne Bay and recent zoning changes that allow for increased density and building heights," said Ybanez.
While homebuyers will be able to find single-family homes for sale, North Bay Village offers exceptional opportunities for individuals and families alike seeking to buy condos. According to Ybanez, the new zoning attracted top developers from Florida and New York to work on projects designed to transform the city. These projects are scheduled to be delivered within the next two to four years -- and at a lower cost compared to Miami real estate.
"These new properties offer significant discounts compared to established Miami neighborhoods like Miami Beach, Brickell, and Coconut Grove," Ybanez said.
Caitlyn Moorhead contributed to the reporting for this article.
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