Florida is a well-known vacation destination, known for its sun, sea, and countless attractions. According to Visit Florida—the state’s official tourism site—more than 137 million visitors flocked to the Sunshine State in 2022. This influx of tourists translates into a wealth of opportunities for property owners looking to cater to short-term tenants. With more and more vacation-goers seeking the convenience—and cost-efficiency—of rental homes over hotels, it’s easy to tap into this tourism market (especially when you partner with a Florida property management service!).
In this article, we’ll take a look at the reasons why you should buy a beach property in South Florida. Plus, we will unveil the prime real estate markets that promise long-term profitability.
Why buy a beach house in Florida?
Before we list the best places to buy a beach property in Florida, let’s go over the advantages of owning one:
High return on investment
Properties on the beach may be expensive, but their values typically rise over time. This is particularly true for properties in areas with a thriving tourism industry, such as Miami Beach. The influx of visitors contributes to a consistent demand for vacation rentals, and for some, even vacation homes. As a result of the upward trend, property prices will typically go up over time.
Tap into multiple income streams
Investing in a beach house in Florida offers you the opportunity to tap into multiple income sources. You can generate income by renting out your property to vacation-goers. The money generated can then be used to offset your ongoing costs, such as property management services, mortgage payments, and more. Also, you can benefit from property appreciation over time, increasing your total ROI.
Use the property when you retire
Florida is a popular retirement destination due to its warm climate, community, and access to many essentials. As you approach retirement, you have the option to use the property as your main residence. This means your beachfront property has two purposes: a profitable investment and a retirement destination.
If you’re contemplating buying an oceanfront home in Florida, consider consulting a property management service. Their experts have in-depth knowledge of properties across the state, offering you a deep understanding of the market. Furthermore, they can provide tailored insights into the potential return on investment, allowing you to choose a property that aligns with your goals.
Where to buy a beachfront property in Florida
Now that you’re aware of the benefits of buying a beach house in Florida, you may be wondering about the best locations. Below, we’ve put together some markets to keep in mind when choosing your oceanfront property in the Sunshine State:
It’s no surprise that Palm Beach is on this list. Situated in the southern part of Florida, this town is renowned for its world-class shopping, crystal-clear waters, and resorts. Its summers are hot and humid, but that’s precisely why people flock to this beach town all the time. Palm Beach boasts a collection of some of the country’s finest beaches, with a stretch of over 16 miles showcasing pristine sands.
However, properties often boast high price tags, reflective of the town’s appeal to the wealthy. Fortunately, this isn’t a deterrent—instead, it’s an indicator of demand. Although the upfront costs may be steep, a Palm Beach property is posed for good returns.
Tip: Due to the high demand, it can be challenging to look for Palm Beach properties by yourself. Collaborating with a Florida property management service is therefore a smart move, as it allows you to “shortcut” most of the processes. They have access to many listing sites, as well as connections with VIP clients and realtors, making it easier to find the perfect oceanfront home.
Nicknamed the “Venice of America”, Fort Lauderdale boasts over 24 miles of picture-perfect shores, each offering a range of activities, from snorkeling to strolling along the boardwalk. Furthermore, the city features many waterfront homes along the canals, which are dotted by privately owned boats. But Fort Lauderdale isn’t just about sun and surf. It’s got a rich arts and culture scene, with many museums, galleries, and theaters that cater to all ages.
North of Fort Lauderdale, you’ll find Pompano Beach. It’s a city that’s seeing a rapid rise in popularity due to many developments in the area.
As its name implies, it’s best known for its beaches, as well as its offshore coral reefs and dive sites. With over three miles of pristine coastline, it’s a paradise offering activities for all ages. Whether you’re into water sports, boating, or simply basking in the sun, this place is tough to beat. There’s also the fishing village with a 1,000-foot pier.
Offering an easy-going way of life, Key West is another popular choice for people who crave relaxation. Not only is it home to many beaches, but it also boasts a colorful party scene, historical sites, etc. A short stroll will take you to the city’s central hub, Duval Street, where you’ll find countless world-class restaurants and shops.
Homes in Key West have a distinct, “old-world” charm, showcasing the “conch architecture” style. Crafted from wood, these residences exude the classic coastal look that’s often associated with oceanfront living.
Miami Beach is a coastal resort city that stretches more than 9 miles. From swimming in the crystal-clear waters to sunbathing on the soft shores, this place is the ultimate destination for vacation-goers—even if it tends to get crowded year-round. Just outside of Downtown Miami, it offers the ideal balance between a peaceful home life, and access to a vibrant party scene.
It’s important to note that if you’re considering buying a property in Miami Beach, it will most likely be in a high-rise building. Due to limited land, most of Miami Beach’s real estate is built upward. And like Palm Beach, prices will be high—but once you score a property, you’re essentially set for long-term profit.
Consult Florida property management services
Before buying a beachfront property in Florida, it would be wise to consult the experts at Luxury Property Care. Beach homes are a hot commodity, and are in a market that’s tough to navigate. When you work with us, you’ll gain access to our vast network and knowledge, helping you find a property that aligns with your goals.