Latest real estate projects in Florida

Are you interested in investing in the Florida real estate market? Find out about the latest residential and mixed-use real estate projects in these popular Florida cities: Jacksonville, Miami, Tampa, Orlando, St. Petersburg, Palm Bay, and Naples.

Florida real estate

Florida is the southernmost reaching state in the continental US, enjoying a subtropical and tropical climate, palm trees, and pristine beaches. There’s no shortage of coastline, as Florida has both Gulf Coast and Atlantic coastline. Additionally, it boasts a huge variety of theme parks that are popular among people of all ages. It’s no wonder that Florida is a top destination for families, as shown in the National Association of Realtors (NAR) migration report. 

As remote work has become increasingly popular across the world, people are moving to more agreeable climates. Florida is one of the states in the US that has seen an even larger surge in migration during the past few years. This has led to increased demand and higher real estate prices across Florida, and luckily for investors, higher rental demand as well. The absence of a Florida state income tax and lower property taxes are also favorable from an investment perspective. In this article, we’ll look at cities that are popular among real estate investors, including Jacksonville, Miami, Tampa, Orlando, St. Petersburg, Palm Bay, and Naples. 

We’ll cover some of the largest and latest real estate projects in each of these cities, allowing you to explore upcoming real estate investment opportunities across Florida. For each project, we included the developer, project type, size information, number of bedrooms, project status, and google review (as available). The cities are covered in order from largest to smallest population.

Jacksonville

Jacksonville is on the Atlantic coast in northern Florida and is the largest city in the state. It’s a commercial and financial center with modern skyscrapers and large suburban areas. Jacksonville is known as “The River City by the Sea” as the St. Johns River runs through the downtown, creating even more waterfront property. While it’s less popular among tourists compared to other cities in the state, it has other perks such as being the youngest city in Florida and having the largest urban park system in the U.S. The city spans a large area, with abundant and inexpensive land and plenty of opportunities for new development projects. Some popular residential areas include Avondale, Riverside, San Marco, The Beaches, Mandarin, Bartram Park, and Orange Park. 

Here are some real estate market trends that may be of use if you are thinking of investing:

• 34% of the Jacksonville population are renters

• Only 3.2% of houses and apartments are available to rent

• The median cost of a US home is $231,800

• Home appreciation in the last year is up by 16.7%

• The median age of real estate is 34 years old

The Downtown Jacksonville residences map was referenced to find the projects listed below.

Miami

When you think of Florida, Miami is probably one of the first cities to come to mind. It’s down the Atlantic coast in southern Florida and is the 2nd largest city. Miami has a warm climate and many beaches, popular among spring break vacationers and retirees who prefer to avoid cold winters in the northern U.S. It’s also an international hub and has significant foreign trade with Latin America, with large banking, manufacturing, and transport industries as a result. Rental properties are a great investment strategy, as rent across Miami has increased at almost twice the rate of home values. Some popular residential areas include Coconut Grove, Pinecrest, Bal Harbour, Key Biscayne, Coral Gables, Surfside, Sunny Isles Beach, and Brickell. 

Here are some real estate market trends that may be of use if you are thinking of investing: 

• 55.3% of the Miami population are renters

• Only 4.4% of houses and apartments are available to rent 

• The median cost of a US home is $398,100

• Home appreciation in the last year is up by 10.8%

• The median age of real estate is 46 years old

Commercial Property Executives' article was referenced to find the projects listed below.

Tampa

Tampa is on the Gulf coast in central Florida and is the 3rd largest city. In addition to plenty of pristine beaches, Tampa’s also known for its music festivals and pro sports teams. It’s expected to experience upcoming job growth as there are several Fortune 500 companies headquartered in the city and the financial sector continues to grow. Specifically in the last few years, as a result of the post-pandemic influx of buyers, the housing market has been very active and competitive. Real estate remains relatively affordable with lower interest rates on traditional mortgages, but prices are increasing rapidly. Some popular residential areas include Hyde Park, SoHo, Ybor City, Downtown, Uptown, Seminole Heights, Davis Islands, and Channel District. 

Here are some real estate market trends that may be of use if you are thinking of investing:

• 41% of the San Jose population are renters

• Only 3% of houses and apartments are available to rent 

• The median cost of a US home is $306,900

• Home appreciation in the last year is up by 19.7%

• The median age of real estate is 39 years old

The Tampa Bay Economic Development Council’s future developments and Commercial Property Executives' article were referenced to find the projects listed below.

Orlando

Orlando is in central Florida and is the 4th largest city, known for its world-famous amusement parks. There’s an attraction for everyone, with Magic Kingdom, Universal’s Islands of Adventures, Sea World, The Wizarding World of Harry Potter, and Epcot, to name just a few. With nearly 60 million tourists visiting Orlando in 2021, there’s always sure to be high demand for rental properties. Some popular residential areas include Park Lake, Thornton Park, Downtown, Delaney Park, Audubon Park, Altamonte Springs, and Lake Nona. 

Here are some real estate market trends that may be of use if you are thinking of investing: 

• 52.5% of the Orlando population are renters

• Only 5.4% of houses and apartments are available to rent 

• The median cost of a US home is $294,400

• Home appreciation in the last year is up by 11.8%

• The median age of real estate is 30 years old

The Downtown Orlando development page and the Orlando government city projects page were referenced to find the projects listed below.

St. Petersburg

St. Petersburg is just west of Tampa on the Gulf Coast and is the 5th largest city. It’s a smaller, seaside suburb of Tampa where you can enjoy proximity to a larger city while being close to beaches and nature preserves. St. Petersburg is known as the Sunshine City as it holds the Guinness World Record for having the most consecutive sunny days. For these reasons, it’s been popular among retirees, but has also recently been starting to attract a younger population as well. There are some great development and redevelopment opportunities in St. Petersburg and the city has a stable amount of public and private investments. Some popular residential areas include Boca Ciega Bay, Snell Isle, Riviera Bay, Old Northeast, Historic Kenwood, and Downtown. 

Here are some real estate market trends that may be of use if you are thinking of investing:

• 34% of the St. Petersburg population are renters

• Only 3.1% of houses and apartments are available to rent 

• The median cost of a US home is $284,100

• Home appreciation in the last year is up by 29.1%

• The median age of real estate is 51 years old

The St. Petersburg citywide development projects page and the St. Pete Rising development map were referenced to find the projects listed below. Google reviews are not included as none of the projects had sufficient reviews.

Palm Bay

Palm Bay is in central Florida on the east coast and is a bit smaller in population than the other cities we’ve covered so far. Not to be confused with Palm Beach, Palm Bay is one of the more prominent family-oriented cities in this area. It has a lower cost of living and many outdoor attractions, from golf courses and off-road cycling trails to beaches and nature preserves. Single-family, detached homes are the most prevalent housing type in Palm Bay and tend to be preferred by investors due to their fast turnaround when it comes to renting properties. Some popular residential areas include Port Malabar, Bimini Bay, and Bridgewater at Bayside Lakes. 

Here are some real estate market trends that may be of use if you are thinking of investing:

• 22.2% of the Palm Bay population are renters

• Only 1% of houses and apartments are available to rent 

• The median cost of a US home is $226,100

• Home appreciation in the last year is up by 18.9%

• The median age of real estate is 30 years old

The City of Palm Bay development projects page was referenced to find the projects listed below.

Naples

Naples is in southern Florida on the Gulf Coast. It’s an upscale residential enclave, generally more popular among long-term residents and those seeking a months-long escape from cold winters. Naples has one of the highest job growth rates and educational attainment in all of Florida. It has many luxury residences, high-end retail areas, and golf courses. In terms of real estate investments, it’s known for generating some of the best long-term returns in the past decade, making it a reliable investment opportunity. Some popular residential areas include Old Naples, Park Shore, Coquina Sands, Aqualane Shores, Port Royal, Pelican Bay, and Moorings. 

Here are some real estate market trends that may be of use if you are thinking of investing: 

• 10.5% of the Naples population are renters

• Only 2.2% of houses and apartments are available to rent 

• The median cost of a US home is $399,000

• Home appreciation in the last year is up by 18.1%

• The median age of real estate is 38 years old

Recent news articles about current development projects in Naples were referenced to find the projects listed below.

Next steps towards property ownership 

After exploring some of the largest upcoming residential real estate projects, you’ve hopefully discovered more about what you want to prioritize in your investment property. Not only have you gotten an overview of the real estate markets in Jacksonville, Miami, Tampa, Orlando, St. Petersburg, Palm Bay, and Naples, but you’re also familiar with some active developers in each city. From the included projects, you can begin to get a picture of the project types and sizes, completion dates, and initial customer reviews for those buildings (or phases) that are completed.  You can also check out the top real estate developers in the US to get more information about other developers in Florida and discover even more upcoming projects!

It’s possible that one of the properties above has captured your attention and you’re interested in exploring mortgage options. A mortgage calculator can help you determine how much you’ll need to borrow and pay every month. You can also use a debt service coverage ratio (DSCR) calculator to estimate your future property’s rental profit. However, you might still be trying to find your dream investment property. Our professional advisers can give you start-to-finish guidance, helping you to find a property and get the best interest rates for your mortgage, even if you’re a foreigner and you don’t have a credit score. Go to our website to register and let us help you find the best financing option for your investment property. 

Photo Credits: 

• Photo by Lance Asper | Unsplash