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A Place in the Sun

Steep declines in the Florida housing market and a plethora of available inventory make this a savvy time to rent or buy a second home there—provided you know where to shop.

By Michael Blanding

Clermont
Forget Fort Lauderdale. If you're looking for value, head inland to Clermont, just west of the ever expanding Orlando. Over the past five years, the up-and-coming area has been largely transformed from citrus groves into subdivisions on a string of pretty lakes. Universal Studios is within a 30-minute drive; Daytona Beach is an hour away. And the median age is just 34—a rarity in the snowbird-heavy state.

Last year the bottom fell out of a flurry of real estate speculation, leaving many three-bedroom homes for less than $200,000, and plenty of last-minute rental houses—from waterfront villas to vacation condos—priced at less than $1,200 a month. Realtor: Dennis DeAngelo, Weichert Realtors Hallmark Properties, 800-409-7368, weicherthallmark.com.


Pinellas Peninsula
As Palm Beach real estate soars higher than most socialites' bouffants, Florida's Gulf Coast offers an equally attractive seashore and much more attractive housing prices. West of Tampa, the Pinellas Peninsula gets an average of 361 sunny days a year. The scene revolves around Clearwater Beach, a white sand mecca with a daily pier party.

For even better value, head south to the lower-key Indian Rocks, a laid-back beach town with a thriving arts scene, or north to Dunedin or Tarpon Springs, family-friendly communities where modest three-bedroom waterfront homes with boat docks go for $500,000. Rental properties top out at around $2,500 per month for a two-bedroom. Realtor: Phaedra Hubbard, Charles Rutenberg Realty, 727-538-9200, rutenbergrealtyinc.com.


Fisher Island
Apparently, even upscale Miami Beach wasn't exclusive enough for the Vanderbilts, who nearly 100 years ago bought and developed their own private isle right off the mainland. These days, Fisher Island represents the most expensive ZIP code in the entire country, where Mediterranean-style villas are organized around a pink layer-cake resort complete with a pristine nine-hole golf course, health spa, and tennis and squash courts.

Island visitors include boldfacers such as Oprah Winfrey and Andre Agassi, and various Fortune 500 execs. (When the parade of Bentleys gets to be a little much, the less tony Miami is a short fast-ferry ride away.) And there's good news for gawkers: Florida's real estate slowdown has taken even paradise down by several notches. Oceanside villas now generally run from a paltry $10 million to $15 million, and the inventory is staggering, with nearly 100 of the island's 700 homes currently on the market. Prospective buyers can test-drive a two-bedroom by renting one for about $10,000 per month. Realtor: Phyllis Winick, Fisher Island Real Estate, 305-535-6071, fisherisland.com.

For tips on what to do, who to know, and where to go to get noticed in Palm Beach, go on to the next page...