Affordable Beach Property Becomes a Reality

A couple of years ago, South Florida luxury homes were too high-priced even for some successful Americans. Waterfront properties seemed unattainable as they crept close to averaging one million dollars in some places. Even some in the wealthy class shrugged at the prospect of paying that much for a home. But now the prices are much more realistic, ranging from $400,000 to $600,000 in those same places. The sharp decline in real estate values the past three years has been devastating to homeowners but has potential investors "licking their lips" thinking of the opportunities.

The current status of the Florida housing market is unusually chaotic. The South Florida real estate market has not fallen so sharply in the last sixty years and South Florida's long term real estate investments are traditionally strong. Many investors are seizing this opportunity to buy up luxury property they believe is underpriced. Examples of this are Palm Beach Condos on the water which are considered luxury property but at the moment are certainly not priced for luxury.

Most people remain reluctant to buy into the current market. This decision may prove to be ill-advised because some projections are claiming the price of houses will go up at the end of the year, making it the best time to buy now. Existing and potential homeowners should evaluate their financial situation to determine whether or not they have the resources to invest in property now, so they don't miss this great opportunity to own luxury property.

Make sure you have valid risk assessment. If you have the capital to make a down payment and the resources to maintain mortgage, insurance and utility payments, then you're a viable candidate for property ownership. Check the prices of beachfront property in your area and see the valuable opportunities for yourself.