Lake Wales is a growing city located in Polk County, Florida. In this article we’ll be going over several key reasons you may want to invest in Lake Wales’ real estate scene. Keep reading for the details.
Lake Wales is one of the many gems located within the Lakeland-Winter Haven Metropolitan Statistical Area. Located between Lake Kissimmee and Tampa, Lake Wales’ population is roughly 17,000 (and counting).
The city got its start in 1879, when Sidney Irving Wailes settled around a nearby lake. He would go on to name this lake after him, then have the town named after the lake — and thus the city of Lake Wales was born. By 1917 Lake Wales was formally incorporated. It was around this time that railroads, depots, and post offices were built in the area.
Lake Wales suffered through a pretty major setback in more modern times. Back in 2004 the city was hit by three successive hurricanes: Charley, Frances, and Jeanne. Since then the town has more than bounced back.
Lake Wales’ housing market is quite competitive. The average home sells for just over $260,000. That’s up over 20% since 2021. Sales price per square footage is up even more, coming in at 23% up. Plus:
- Most homes get multiple offers.
- The average home sells after 18 days.
- The average home sells for 1% below its original list price.
- The hottest homes sell for 2% above their original list price.
What To Know About Lake Wales Real Estate
Between the weather, location, and relatively affordable cost of living Lake Wales offers, it’s no surprise that investors are clamoring to get in on the action! If you want to get involved, you’ll want to do so with intention.
Below are a few things to consider as you search for your perfect investment:
- What’s the history of the property?
- What’s the seller’s motivation?
- Are there any hidden closing costs?
- What are your current financing options?
- Will you need homeowner’s insurance?
- Will you be subject to deed restrictions of HOA regulations
- Are there any applicable lakefront property laws?
- Are there any tax laws to keep in mind?
As you can see, there are lots of moving parts to consider here. Fear not, however — at Team Icon, we have over 20 years of combined experience aligning investors with their goals. This experience allows you to enjoy a simple, streamlined buying experience.
Get in touch with us today if you’d like to add some Lake Wales property to your current portfolio.