Monday, July 30, 2007

Miami Real Estate: Why Are Inland Properties Cheaper Than Coastal Lots?

If you are going to Miami with a tight budget, then, surely you’ll find a place away from the famous beaches. Beaches is the key word that Miami is known for. For these divine beaches, blissful beach houses and lake water properties have booted the favor of many vacation hunters.

These vacation hunters, of course, are mostly Hollywood stars who do not run over daily expenses but merely care about the relaxing feel. of course, this is because of the coast's aesthetically pleasing properties to offer. This makes coastal lots a lot more expensive than your usual inland.

Because of the Tax

But that is not the only reason why Inlands has become cheaper. A far cry from what is happening today, the Inland properties used to cost higher. In 2005, high insurance and unrestrained property taxes used to restrict people from going after coastal areas. Volusia Count’s property went up to the charts with less than 8 percent of its original price. Obviously, the Inland Property witnessed their values rice compared to their coastal competitors even with their taxes rolling up to a 10 percent early 2007. The taxes rolling down began the drift of many new condominiums inland.

However, after several months, these new condos suffered from supporters since their competitors, the beach houses also experience lowered taxes. This turned the table to coastal lots who gained peoples appeal even more. Inland investors, with the hope of not loosing profit, lowered their price from $350,000 and $500,000 to $100,000 offered a fair price for few people who do not care for the beach. Water front areas, on the other hand, took a steady route with $750,000 still hitting up for the vacation goers.

Because of the Teasing Beaches

As a result, Inland Properties have fallen into a low price sale especially in Central Florida. Aside from few people patronizing them for lack for finance, they do not meet the beauty and creativity of properties found along the coast. Adding to that, Inland properties do not come with an addition of the teasing smell of the beach and nature.

The good news about this is that Inland properties have already become cheaper compared to coastal lost. And not only are they cheap, they are also said to be safer since they maintain lesser damage and sustain few harm against floods. That is if your the kind of person who isn't up for the cool waters and the instant view of Hollywood stars.

Vanessa Arellano Doctor
Miami Luxury Homes