“Go North, young man!”, to paraphrase the famous quote from nineteenth century journalist Horace Greely referring to the opportunities on the frontier. Well, the same can be said for those seeking cheap land in Florida.
Land is still abundant and reasonable for those willing to go north of South Florida. How far north? St. Lucie, Indian River, and Brevard Counties still have large parcels of commercial, industrial and residential land available, according to Reese Stigliano, president of Stigliano Commercial Real Estate.
Stigliano represented the owner in the sale of a 4-acre parcel of commercially zone land located in Fort Pierce. The sale closed on August 15. The land sold for $3.15 per square foot, a price that has not been seen in South Florida for over 10 years.
“South Florida is very unique,” said Reese. “We’re bound on the east by the ocean and on the west by the Everglades. Once you get north of Palm Beach County, developers are finding large undeveloped parcel available. With the lack of housing stock and skyrocketing escalation of home prices, we’re seeing a significant migration of people leaving South Florida to fulfill the American Dream of home ownership where first time home buyer can still find a starter home in the $200,000 range.”
“Also, we’re seeing the industrial developers shifting their sights to the northern counties where land costs are approximately 80% less than average industrial land costs in Palm Beach, Broward and Dade Counties,” said Stigliano.
Reese Stigliano is a recognized leader in the South Florida commercial real estate market, with over 35 years of experience. As President, he focuses on land sales, investment sales and office leasing for the firm. Mr. Stigliano’s talent in bringing complicated commercial transactions to a close has been evident throughout his successful 35-year brokerage career.