Predictions that South Florida’s real estate market would not rebound until 2016 are proving to be incorrect. Foreign buyers from Europe and Latin America are boosting the upswing faster than anticipated. South Florida once again is becoming a prime, location of choice for real estate investors enjoying economic improvement in their own countries such as the South American countries of Columbia, Chile and Brazil.
Every Florida investment magazine or journal I’ve read continues to report financial managers are advising their affluent clients that the time to move to South Florida is now. South Florida’s Business Journal reported that second quarter median condominium sale prices rose 27.5% over last year. Single family home prices rose 20.5%. The attraction of new opportunities and improved amenities offer huge incentives for Europeans and South Americans to purchase homes in South Florida.
Incentive is also being fueled by a resurgence of new construction once again. I enjoy how Robin Ronne, managing director of the Greater Fort Lauderdale Alliance’s CEO Council joked that the return of “Florida’s unofficial bird, the building crane—has been sighted in Fort Lauderdale” where major residential projects are under way.
To quote the e-zine Big Boats, Big Business, Bright Future, “Those cranes also have descended upon two of the most powerful economic engines in the county — even the region: Port Everglades and Fort Lauderdale-Hollywood International Airport. The seaport is undergoing a dramatic overhaul, with new berths, dredging and infrastructure improvements to accommodate cruise and container ships alike, including the new Panamax vessels expected to begin traversing the Panama Canal in 2015.To the southwest, “FLL” (Fort Lauderdale-Hollywood International Airport) is seeing a transformation of its own. Terminals are being improved and enlarged to accommodate expected growth in flight traffic from JetBlue, Spirit, Southwest Airlines and other low-cost carriers. . . . Cost of improvements when done: more than $1 billion. Yet the impact on the community of FLL’s and Port Everglades’ expansions is immeasurable.”
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