Some of our readers may have heard by now that the resurgence of the residential real estate market in South Florida has been helped a great deal by foreign investors. It's not difficult to see why someone would be interested in investing in residential property in the local area, with the warm weather and engaging cultural scene. However, a recent report has indicated that U.S. residents are also buying heavily in the South Florida market, particularly in Miami-Dade County.
According to the report, New York residents are part of the surge in buyers in South Florida. These reports coincide with the continuing decline in population in New York, mostly, as some believe, due to higher taxes and a high cost of living. Now, it seems there is some indication as to where those former New Yorkers are moving to - South Florida.
Over the last five years, the number of available properties in South Florida has shrunk considerably. The recent report noted that there were approximately 41,000 residential locations in Miami-Dade County available for sale in 2008, which was shortly after the complete bottoming-out of the housing market throughout the country. Now, in late 2013, that number reportedly stood at 14,400.
No matter where the investors and home buyers are coming from, it is quite clear that the South Florida area has plenty to offer to anyone interested in residential property. This is a good sign for the continued health and recovery of the housing market. And, with residential development on the uptick again, with condo towers under construction throughout the local area, the hope is that inventory will continue to meet demand - even if that demand is driving up sale prices in Broward County, Palm Beach County and Miami-Dade County.
Source: NuWire Investor, "South Florida Property Market Sizzles," Suzanne Amaducci-Adams & Lindsey Zohn, Dec. 17, 2013