For those keeping up with out-of-state real estate markets, you’ll always circle around to news and articles pointing to Florida as the prime investment location and where more foreign national and domestic investors are buying there then anywhere else. Florida’s economy and more importantly its housing market has recovered and is seeing sustainable growth and consistent new employment.
If you are looking for additional information on the SW Florida submarkets of Fort Myers and Cape Coral, visit www.MyRealtySource.com. Owner of NJ Real Estate Guys, Scott Allan, is with an affiliate firm of Cushman & Wakefield and has been brought onboard to spearhead the Multi-Family division.
When asked what the draw to the multi-family market is, Allan replied, “The multi-family market is just as hot, if not hotter then it is in Hoboken and Jersey City right now with regard to supply and demand. Population is significantly increasing and the addition of dozens of market rate apartments are needed big time.” What this means is that new construction is needed. Existing Multi-Family buildings in Cape Coral are trading at 7.5% Cap Rate in good areas. The re-introduction to new construction is something Scott Allan has been working on for months and is ready to introduce the new product for real estate investors.