By Diego Bravo - Realtor® on April 10/2022

 Although real estate prices everywhere in the world are led by the laws of supply and demand, the real estate market is a local matter. It means that the market trend and prices are not equal in all areas of a country at the same time. For example, during the 2007 recession, some areas in the United States never experienced a crash of their real estate market; in some, instead, the prices continued to raise. For example, after hurricane Katrina flooded and destroyed New Orleans in August 2005, there was a high demand for houses in the more inland surrounding cities, which continued for various years, even during the worst times of the recession years. So, the house prices were stable in the surrounding cities, while in most cities of the country the real estate market was in a fast down trend.

In Houston, Texas, the “Energy Capital of the World”, so called for being one of the highest oil producers in the world and for hosting the headquarters of hundreds of companies involved in oil and gas exploration and/or production, the 2007 recession did not cause a negative impact in its real estate market. Conversely, there were months during the recession years when their house prices were higher than those before the “real estate bubble” prior to the crisis.

Similarly, during the most uncertain times of the COVID-19 pandemic, in 2020 and 2021 the real estate market went down for a few months in most areas of the United States.  However, some areas became the preferred destination of buyers from all over the country who were, and still are, looking for more open spaces (even rural areas), warmer weather, and a lower cost of living. Of course, after having read the words in bold above of what people were/are seeking, you may have thought about Florida right away. And that is exactly where many people were/are moving.

The ‘Sunshine State’ (Florida) has been for long time the dream place to retire for many people from the US Northern states and Canada (due to the extremely cold winters in those areas) and from the US Western states (due to the high cost of living including the housing prices, the wildfires, and the increasingly water scarcity). Therefore, the COVID pandemic encouraged many of these people to move to Florida sooner than initially planned or, at least, to buy and secure a home to move to later before prices became prohibitive. Moreover, because the COVID pandemic brought the possibility to millions of people to start working remotely from home as never imagined before, many migrated to Florida, either alone or with their families, looking for the multiple benefits that we enjoy here.

Now, because the real estate market is not equal everywhere at the same time as explained above, some areas in Florida have become favorites. Let’s see: some cities along the Gulf of Mexico are some of the preferred destinations, despite having higher housing prices, higher costs of property taxes and insurance, higher cost of living than the state’s average, plus being visited by thousands of tourists that crowd their beaches during the four seasons of the year. Another preferred destination is Jacksonville area on the Atlantic coast due to a more affordable housing and cost of living than the cities on the Gulf of Mexico.

Orlando and its surroundings are another favorite destination for those who want to be close to the parks and attractions of the area, while also being farther away from the ocean raising levels and the higher risks of severe weather, which are more common near the coasts. Of course, buyers must pay higher housing prices in this area than the average in Florida and to deal with heavy traffic and a high affluence of national and international tourists, as Orlando is one of the most visited cities in the nation.

On the other hand, the ‘Hidden Florida’s Pearl’ is a place with unparalleled conditions in the ‘Sunshine State’. I am talking about the city of Ocala, located in North Central Florida, just in the middle of the Atlantic Coast and the Gulf of Mexico, and surrounded by three of the four largest metropolitan areas in the state, all of which have international airports. Besides its incredible location, Ocala offers a city-countryside mix lifestyle, with all the benefits and comfort from the city life combined with the tranquility, the wide green areas from the natural preserves, horse farms, and cattle ranches in the area, and abundant wildlife that the countryside life provides.

Ocala and surrounding areas offer countless outdoor activities to enjoy alone or with family all year-round: state parks, public and private parks (including a canopy-ride theme park); rivers and lakes; trails for hiking, bicycling, and horse riding within natural preserves; and over 60 golf courses. And for those who like the beach activities, Ocala has many options to visit the beaches from both coasts, the Gulf of Mexico and the Atlantic.

But its uniqueness does not stop there. Ocala - Marion County area is trademarked and known worldwide as the ‘Horse Capital of the World’. Due to the excellent climate, fertile soil rich in calcium, and abundant water, this area has more than a thousand horse farms that house thousands of horses of more than one hundred different breeds. Also, some of the best horse show venues in the nation are in this area, where multiple horse competitions are held throughout the year. This “Horse Lovers’ Playground” counts with an unrivaled equine infrastructure in the nation (veterinarians, farriers, horse trainers, horse feed stores, equine hospitals and rehabilitation centers, tack stores, etc.).

Ocala area is also a “Retirees' All-In-One Paradise” for which there are more than 20 55+ age-restricted subdivisions, some of them with beautiful resort-like facilities. Likewise, because of the many options for families to share lots of time together in a relaxed and welcoming environment without the stress of the bigger cities, Ocala is a perfect “Families’Joy Field”.

As Ocala is currently one of the fastest-growing cities in the United States, it is a fabulous “Investors’ Buffet” with many opportunities to invest in real estate and/or to develop new businesses and participate in this area’s growth. That is why entrepreneurs continue to come to Ocala and Marion County to establish businesses of all sizes, including those for retail, services, warehouses, and distribution centers.

Ironically, although Ocala and its surrounding areas are among the best places to live in Florida, housing prices and the cost of living are still lower than the state’s average. 

If you are planning to buy property in Florida, contact us, so that we can help you find and negotiate that place you have been dreaming of, including new construction, a used home, a country home, an equestrian estate, or a cattle ranch. 

Also, if you need to sale your property anywhere in the United States before buying your home in Florida, we can help with the sale either ourselves or through a broker from our network. 

Note: This is a complementary article of two previous ones that I strongly suggest reading, as well:

- MYTHS, RUMORS, AND FACTS ABOUT THE CURRENT U.S. REAL ESTATE MARKET

- MANY FORECLOSURES COMING UP SOON: MYTH OR FACT? 

   Disclaimer: This article is solely intended for informational purposes and in no way constitutes legal or financial advice. Each person should analyze their particular situation to determine if the information presented here can be applied. Looking for financial advice is recommended before making decisions!