Broward Attracts Foreign, Northeast and Miami Buyers
According to “The Real Deal’s” Broward Showcase and Forum, the residential real estate market of Broward County is attracting more and more buyers from the Northeast and Miami areas.
Panelists at the meeting stated that many of the buyers seen as of late have been residents of the Northeast, Miami as well as foreign buyers. It was shared that condo sales at the Paramount Fort Lauderdale Beach development have been approximately 30% foreign buyers from predominantly the Latin Americas. The interesting thing is this is typically the crowd that areas like Miami will attract.
In general foreign buyers have been coming from countries such as Canada, Brazil, the United Kingdom and Venezuela as well as a large influx from the Northeast. In addition, as some of South Florida has seen some price cuts, Broward by and large has seen prices increasing. Panelists shared that there is a decent amount of inventory for condos priced over the $1 million mark with several months of supply. However in the single family segment of homes under $500,000, the market is as tight as a drum. Most homes that come available on the market and are renovated do not last and are swept up by immense buyer demand.
The level of affordability and popularity of Fort Lauderdale has also caused buyers to consider it over Miami. Downtown areas are becoming more and more developed which is catering to those who want a lifestyle where you can walk to work as well as shopping and dining options. The live-work-play setup is becoming a desired option in which Fort Lauderdale is now offering. It was also stated that there has been more buyers from Miami in the last two years than by comparison to the last ten years.
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