Most of our readers know that there is more to living in South Florida than sunny days and fun at the beach, and the strength of both the commercial real estate market and the residential real estate market reflect that fact. But some people may be wondering, what exactly is the driving force behind the local area's resurgent market?
According to a recent article, one of the contributing factors may be a shift in attitude among younger people, and particularly among younger people interested in buying property. As the article notes, many young people don't want to move away from the city and live in the suburbs anymore - they want to live in the heart of the city. Doing so allows them to live within walking distance of everything they need.
However, the article also notes that foreign investors are playing a large role in maintaining a healthy real estate rebound. As a result, residential development, including newly constructed homes and condo units, has ramped up in an effort to meet demand - as anyone can see from all of the construction throughout South Florida.
The South Florida area has a lot to offer anyone who is interested in purchasing property, either residential or commercial. The local area is beginning to draw major conferences, as well as luring all kinds of businesses to set up corporate headquarters. And, as the recent article notes, one of the major highpoints of living in Florida as a resident is the fact that there is no state income tax. Taken altogether, it appears that the South Florida has all the right parts to produce a potent and attractive mix to draw in both homebuyers and investors alike.
Source: Miami Herald, "South Florida real estate market has international appeal, developers and investors say," Evan S. Benn, Feb. 14, 2014