The luxury real estate market (residential properties $1 million and above) has been at the forefront of South Florida’s real estate recovery. But, several factors are now prompting market observers to question whether the luxury sector is starting to lose momentum. Chief among these concerns is the build up of new inventory coming on the… read more.
The luxury market in South Florida has been, in large part, driven by international buyers. With the strengthened US dollar and currency fluctuations abroad, international buying is slowing and the domestic buyer is taking a larger role. The domestic tourists coming to Fort Lauderdale often become buyers and they are almost 25% wealthier than tourists… read more.
South Florida’s housing market looks poised to benefit from the stock market’s volatility. Since the middle of June, people active in the stock market have had to endure widespread swings, almost on a daily basis. Concerns about the weakness of the global economy, falling commodity prices, currency fluctuations, geopolitical turmoil, and worldwide terror threats are… read more.
Fort Lauderdale has a reputation for beautiful beaches, great weather, boating and a myriad of entertainment options. But, over the past 30+ years, Fort Lauderdale has also evolved into a dynamic and diverse city with a thriving business center. While tourism and marine related businesses are the backbone of the local economy, Fort Lauderdale is… read more.
Perceptions about the South Florida real estate market have changed dramatically since 2011. The general mood at the time was a sense of cautious optimism. Today, South Florida has become one of the most sought after destinations in the world. Forbes Magazine ranked Miami as one of the top ten cities for ultra-high-net-worth individuals and… read more.
Forty-two new condo buildings with nearly 3,300 units are currently proposed for the City of Fort Lauderdale as compared to approximately 15 buildings with less than 800 units proposed back in June 2014, according to Peter Zalewski of Crane Spotters. Due to a lack of oceanfront sites in Miami and higher land acquisition costs, some… read more.
Is Fort Lauderdale becoming the new Miami? Developers and investors seem to think so. For many years, Fort Lauderdale was known as a spring break destination where hotel rates were inexpensive and the city catered to the college crowd. Now, with chic new hotels and significantly higher room rates, more sophisticated visitors and buyers are… read more.
As the U.S. dollar continues to gain strength against foreign currencies, the buying power of foreign real estate investors is weakening. The currency devaluations along with other destabilizing economic and political factors in Latin America and Russia are making it harder for buyers from those countries to purchase U.S. real estate. During the 12 month… read more.
One difference between South Florida today and South Florida a few years ago is the sheer numbers of ultra-high net worth buyers coming to buy second or third homes. These buyers are looking for the “wow” factor. They relate to designer names such as Porsche, Armani, and Fendi. Developers are embracing the notion that homes,… read more.
In the 1970’s, developers had prime waterfront locations on which to build luxury high rise condominiums and then selling them to upscale buyers from around the world at relatively high prices. Most were located directly on the sand and had state-of-the-art amenities for their time. Fast forward to today and we have a new condo… read more.