Property Market in Ocala, Florida
Understanding Buying Real Estate in Florida
Ocala National Forest - Salt Springs
Ocala National Forest
- Population: 56,000
- Condo: $45,000 – $321,000
- Family home: $120,000 – $12m
- Waterfront: n/A
- Investment Potential rating: ***
- Nearest International Airport: Ocala International Airport. (Private) Orlando International Airport, 90 miles.
Ocala is a small city, which is famous as ‘horse capital of the world’ being one of the foremost areas in the world for the breeding and training of racehorses. It is an area that experienced massive growth in the late 20th century due to the arrival of Disney World seventy miles away, and the increasing popularity of the area as a retirement destination.
The town has an historic district, and boasts a good symphony orchestra and a civic theater. Ocala has a very distinct two seasons to its year, with a very hot dry season and a cool rainy season. The city is also famous for its Kentucky bluegrass terrain, as well as the largest artesian spring formation in the world, and the second largest national forest in Florida.
Ocala Property Market Summary
If you’re looking for investment property then Ocala is a good choice for long-term investment, rather that short- term holiday rentals, as there isn’t much of a tourist turnover in the city itself. Super-affordable entry points such as $45,000 for a golf course view condo, and $120,000 for a new build – very rentable – three bedroom family home, make this a good choice for those with lower budgets.
At the top end of the market $12 million will get you a spectacular family home, but may not be the most practical investment for international buyers, as the 300 acres which comes along with it may be challenging to manage from abroad. What you do definitely get in Ocala is bang for your buck when it comes to acreage.
Although this may not be a primary motivator for foreign buyers, it’s worth noting that even in the $240,000 range you’re looking at farms, ranches and elegant family homes with at least two or three acres. The market is improving, though it has experienced a slower recovery than other parts of Florida. But in May and June of 2013 sales were over 25 percent higher than 2012 and inventory was 17 percent down.