South Florida’s Luxury Home Buyer Profile
The South Florida real estate market has been continuously growing in terms of price increases and a steady draw of buyers from all around. Fort Lauderdale’s price gains from this year over last year have been significant as buyers see the area as a destination to invest. For various reasons, these buyers in particular have been coming from the Northeast states as well as select other countries.
Various professionals in the real estate industry have been sharing their experiences per a recent article the Sun Sentinel. Tax refugees from Northeast states who are in search of better deductions in the wake of the newly passed tax reform have been making up some of the buyer profiles as of late. Although this has been a trend over the recent past, it has sharply increased due to the recent tax changes.
Another group of buyers has been foreigners. With price increases across the board, buyers are beginning to invest in areas like Broward County where the value is much better than areas like Miami and South Beach. According to the Miami Realtors Association Real Estate Report, foreign buyers are making up nearly a third of Broward County’s condo purchases. Popular buyers are coming from areas like Argentina, Brazil, Colombia and Venezuela.
In Fort Lauderdale, many buyers are seen coming from Northeast states and investing in higher end beach or waterfront locations. Buyers are in search of better tax advantages and are relocating from areas like New York and New Jersey according to the sales teams at select newly built towers like Auberge Beach Residences and 321 Water’s Edge. Auberge offers two towers of residences with the majority of them all being sold. Water’s Edge offers 23 residences with a completion date of fall of 2019 and has roughly half of the units sold already. All signs are showing a healthy Fort Lauderdale real estate market.