Real estate investment is an excellent avenue for building wealth because of the various methods available for creating a solid portfolio. Investing in new construction in Florida can boost real estate holdings and profits. A ground-up construction loan allows you to build a structure on land to sell for a profit or rent for passive income. Taking advantage of Florida’s hottest markets for new construction gives you the opportunity to grow your real estate business. Read as our Titan Funding team in Boca Raton, Florida, shares this guide to the best markets in the state for ground-up construction loans.
Jacksonville
If you want the perfect place to build in Florida, Jacksonville might be the ideal location. With a median home selling price of around $368,990, which is less than the national average, and ever-rising rent prices, this city has profit potential. Jacksonville is growing quickly, so homes don’t sit on the market long. A low unemployment rate makes this city attractive to those looking to move to and within the state. Jacksonville also has plenty of dining and entertainment options, sunny weather, and moderate temperatures year-round.
Some of the best areas for new construction in Jacksonville include the following:
- Oakleaf Plantation.
- San Marco.
- Shearwater.
- Rivertown.
- Anabelle Island.
- Bertram Park.
Miami
Investors who want to tap into the multifamily home market can benefit from the abundance of opportunities for new construction in Miami. Although property might come at a higher price in this bustling and vibrant city, there’s a high demand for housing. Because of this low supply and high demand for multifamily properties, getting a ground-up construction loan to build or rehab in the Miami-Ft. Lauderdale area can be well worth the effort.
With a consistent year-over-year rental growth rate and a strong outlook for continued growth in the coming years, Miami is an attractive location for development. Consulting with a real estate broker familiar with Miami before committing to buying anything is wise, but a few of the best areas you may want to consider for new construction in the city are as follows:
- Beverly Terrace.
- Edgewater.
- Downtown Miami.
- North Miami Beach.
- Broward.
- Palm Beach.
St. Petersburg
If you want to build in an area with a solid rental market, St. Petersburg and the surrounding area should appeal to you. With both single and multifamily units hot right now, you can do a lot in St. Petersburg’s up-and-coming neighborhoods with a ground-up construction loan. The area’s population growth over the last several years and the expected increase in jobs mean investors could see steadily rising rental rates. People find St. Petersburg attractive because of the laid-back beach lifestyle and ample sunshine, which increases the need for new housing developments.
Check out some of these neighborhoods in St. Petersburg if you want to start a ground-up construction project:
- Palmetto Park.
- North Kenwood.
- Gulfport.
- Bartlett Park.
- Roser Park.
- Waterfront Arts District.
Boca Raton
Building from the ground up allows you to choose the right construction project so you get the best financial results, and Boca Raton is perfect for multifamily developments. The area offers upscale shopping and dining options and excellent educational opportunities, which helps it attract new residents ranging from young families to working professionals. People move and travel to Boca Raton from all over the world, and the area has a diverse population.
Developers can build for people in a wide variety of income brackets. If you have a target market in mind, a ground-up construction loan can help you create structures specifically for that market. A few of the neighborhoods in Boca Raton to consider for ground-up construction include the following:
- Downtown Boca Raton.
- Lotus Palm.
- Pearl City.
- Palmetto Park.
- Deerfield Beach.
- West Boca Raton.
Orlando
Orlando offers excellent opportunities for using a ground-up construction loan in Florida. The Orlando area population has continued to rise over the last decade, and its promising job market has the potential to grow more than 50% over the next 10 years. Tourists flock to the city’s attractions, including Disney World and Universal Studios, and fall in love with the people and the climate. The need for new housing arises as some visitors decide to make Orlando their permanent home, creating an opportunity for investors to develop land or rehab property requiring significant repairs using construction loans.
These are some of the neighborhoods in and around Orlando to consider if you’re interested in getting a building loan for a new construction investment:
- Lake Nona.
- College Park.
- Hamlin.
- Gotha.
- Oakland.
- Hanover Lakes.
Pensacola
Beautiful sandy beaches, exciting entertainment options, and a plethora of restaurants offering an array of cuisines from around the world are just some reasons home prices are on the rise in Pensacola. Despite the city’s slight population decline over the last couple of years, the unemployment rate is well below the national average, and the job outlook is strong. Rent prices in the area have also risen recently, a trend that may continue. Pensacola could see massive growth in its future with the right development.
If you’re looking for land to develop in Pensacola to add to your investment portfolio, you may find what you’re looking for in one of these hot neighborhoods:
- Perdido Key.
- Downtown Pensacola.
- Buffalo Ridge.
- Bently Oaks.
- Stonechase.
- Avalon Beach.
Contact Titan Funding for Your Ground-Up Construction Loan
Florida has much potential for developers who want the flexibility a ground-up construction loan offers. We’ve shared our list to provide insight into the best Florida markets for your next building project. If you’re looking for a ground-up construction lender who can provide you with the financial support and advice you need to get your project off the ground, contact the team at Titan Funding. We have the knowledge and experience to help you complete your project so you can start reaping the rewards.