What’s with all the high-rise condos and commercial development in Fort Lauderdale?
If you’ve ventured out downtown or along the beach in Fort Lauderdale, you can’t miss all of the recent development. With condos and high-rises going up everywhere you look, it’s a great time to be living in sunny south Florida. There are a number of factors driving the real estate growth in the area, and if you’re in the market for a new property, now is as good of a time as ever to jump in!
Top factors affecting property values in Fort Lauderdale
For many years, international investors have focused on purchasing property in the Miami area. However, as Miami prices skyrocket, investors are looking at other South Florida markets as a more economical option. In total, international buyers have actually accounted for $6.1 billion (or 36 percent) of south Florida’s home sales in 2015.
Boost in luxury home sales
One area of Fort Lauderdale real estate that has seen a big boost in sales is luxury homes. Over the past two years alone, the area has seen a 31 percent growth in luxury sale rates. This statistic shows that not only are people purchasing homes in Fort Lauderdale at a high pace, but they’re opening up their wallets a bit and snatching wonderfully lavish properties.
Low interest rates
Since the Great Recession of 2007, interest rates have been extremely low, making real estate a very smart investment. Investors are using these low rates to secure attractive financing, which makes real estate a great place to park their cash in times of economic turmoil. This is especially true of foreign investors who are seeking refuge in the flourishing US economy.
The larger economy
The overall economy is also a driving factor when it comes to growth in a market like Fort Lauderdale. As the economy improves, banks tend to loosen their purse strings. Likewise, with the job market on the upswing, homeowners are better able to afford new properties. With the current US unemployment rate hovering around 5 percent, there’s little denying that the economy is in much better shape than just a few short years ago.
Location, Location, Location
As is the case with any type of real estate, location is another significant driving force of growth in Fort Lauderdale. The popular neighborhoods continue to include downtown Fort Lauderdale, Fort Lauderdale Beach, Las Olas, Victoria Park, Rio Vista, and Coral Ridge. Homes in these areas have seen significant growth in value over the past few years and should continue to do so as more people discover South Florida’s best kept secret!
If you’re looking to partner with an advocate to help you find the best deals in town, reach out to Tim Singer & Associates today. As a veteran in the real estate market, we represent both buyers and sellers, and our experience allows us to provide our clients with unmatched expertise. We look forward to helping you experience the beauty and charm that Fort Lauderdale has to offer.