Vacationers and seasonal residents have long been drawn to Florida for its abundance of sunny beaches, clean springs, picture-perfect islands, and quaint tiny towns. But in the last three years, the Sunshine State's real estate market has seen extraordinary expansion, sending property prices soaring in certain regions.
Palm Coast is a booming city in northeast Florida, driving directions and it is a great option if you want to buy a beach home or invest in a rental property without breaking the bank. The typical selling price of a house in the region is $345,000, and the cap rate (also known as the annual return on investment) is 7.13%, as reported in the most recent data from vacation rental business Vacasa. That works up to an annual rental income of $43,120 for Palm Coast property owners.
This picturesque community is well located between the two famous beaches of St. Augustine and Daytona. Although Palm Coast is not as well-known as some of its neighbors, it has been seeing consistent growth despite its lack of name recognition. A community that was just formed 24 years ago nonetheless managed to boost its population by 19% in a decade, according to the census.
Even vacationers flock there. In 2022, one million guests stayed in Flagler County, where Palm Coast is situated. According to Kate Gable, a broker with One Sotheby's International Realty, "Palm Coast is the best-kept secret in northeast Florida, with a laid-back lifestyle and seclusion from the hustle and bustle of the city," as quoted in Travel + Leisure. "Don't forget your sandals and golf clubs."
Palm Coast and the nearby Flagler beaches are known as some of the best places in Florida to play golf because of the area's reliably pleasant climate all year and the caliber of the courses that have been developed there.
Palm Coast is a great place to get some exercise, with more than 125 miles of bicycling and walking paths, a dozen parks, and many beaches. Some of the most popular pastimes in this area are kayaking, fishing, boating, and even bird-watching. Many small businesses, run by families, contribute to the neighborhood's friendly atmosphere.
Homes in this location are half the price of those in the state's largest cities, yet they are nonetheless stunning. Gable continued by saying that Palm Coast is a great place to invest in rental properties because of the city's appeal to tourists and the wide variety of neighborhoods that can accommodate a wide range of budgets and preferences.
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