he real estate market in The population of Florida
Florida is very fast paced continued to grow and the demand
and property is highly for housing began to outstrip the
sought after there. There are availability. However, it was
many reasons for this and they still easy for anyone to invest
date back from the 1920’s when in real estate there as credit
Americans started to gain was readily available and so
material possessions through the almost everyone in the locality
advent of well paid jobs owned real estate there. The
requiring skilled individuals. number of real estate agents was
Additional benefits to these jobs continuing to grow but the
included things like pensions, economy was able to support them
cars and family holidays. The all due to the ever increasing
stock market also took off at interest in property there.
this time and many people began
to see their personal wealth It did not take long for news of
growing rapidly. These newly rich the increasing house prices to
individuals and families started reach the rest of America.
to take their vacations in Residents elsewhere wanted to
Florida where the warm climate have the same opportunities to
was appealing to them. This saw double or even triple their
the advent of tourism in the area investments and so they began to
and the economy started to boom buy houses in Florida too.
there. This resulted in the price Businesses also recognised the
of land rising sharply and wise potential in the city and so golf
investors saw it as a real courses, retirement villages and
opportunity to make money and so holiday homes were developed
they quickly began to buy real quickly and marketed well. House
estate in Florida. prices quadrupled in one year and
Florida was seen as a paradise to
the rest of America. poor economical condition prior
to those events.
As house prices grew, so did the
price of land. By 1925 it had Of course, people have short
become impossible to afford land memories. The same things that
there or to buy existing houses. attracted people to Florida were
Those who had already invested still there – the warm climate,
began to panic. They tried to the beach and the holiday
sell but were unable to as no-one resorts. Land and homes were
could afford the prices. New readily affordable again and so
investors were not coming forward over time the economy picked
and the existing ones were forced itself back up. Over the decades,
to sell cheaply. The real estate Florida became well known around
market, on such a high only the world and not just in the US.
months before, abruptly crashed. More and more people chose to buy
Saddled with exorbitant holiday homes there from outside
mortgages, many of the investors of the US and some even moved
were forced to declare themselves there on a permanent basis. The
bankrupt. When natural disaster arrival of Disney and their
struck the following year in the holiday resort cemented Florida
shape of a hurricane and as a prime holiday destination
subsequent tidal wave Florida the whole world over and the real
became even more desolate. The estate market there is now
Great Depression and stock market booming more than it ever has
crash of 1929 had no effect on before.
the area as it was already in
About the Author:
The author regularly contributes to Hot Housing Markets where more real estate investing help and local real estate price data is freely available.
