Wednesday, October 27, 2010 at 7 a.m.
Apparently in Port St. Lucie the foreclosure bus will come foreclose on your house in a hurry.
Want to invest in some real estate? Don't start looking in Florida.
Forbes.com writer Francesca Levy
published a list recently called "The Worst Cities for Real Estate Investing." Out of the article's top ten list, five of the cities were in Florida. Luckily, or not, those five doomed cities were nowhere near South Florida. But that doesn't mean your home is safe from the hands of the dark economy.
According to the article, hard-up South Florida cities like Fort Lauderdale aren't really the best place to invest in a home either. The reason they didn't make the list is because the price of homes dropped at a much slower rate than those of say, Port St. Lucie.
More information after the jump.
Homes in Port St. Lucie dropped as much as 14 percent while houses in Fort Lauderdale and West Palm saw a drop of only 5 percent.
It came down to the fact that Florida (like Arizona and Nevada) has what is considered an "investor's market," meaning that out-of-towners look to the Sunshine State for new homes. Basically because our state is considered heaven's waiting room, we don't have enough population to "soak up the excess homes."
Lastly, here are the five worst cities (by the list's rank) to purchase real estate investments in Florida:
1. Lake-Land Winter Haven, FL
3. Orlando-Kissimmee, FL
4. Deltona-Daytona Beach-Ormand Beach, FL
5. Port St. Lucie, FL
8. Cape Coral-Fort Myers, FL