Brokers who are pushing new, upscale condos north of Miami from Hallandale Beach to Fort Lauderdale—say they’re thinking on a convergence of promising circumstances to attract luxury real estate investors.
The economy or real estate condition of some countries lead the investors to cash out, and specially an aging population that demands convenience and luxury as retirement nears. Separately, at work in Florida, a flood of new properties offers prime amenities in a soft real estate market. That’s why real estate agents say, is a pool of investors who are ready to Florida luxury real estate in a region that offers easy access and beautiful weather.
It’s not necessarily the aging population who are interested in Florida luxury real estate but also the baby boomer generation of countries like Canada cashing out on their big houses and realizing a tremendous amount of equity more than they ever thought they would get in Canada. In turn they’re investing in luxury condos to serve as their primary residences in Canada, then looking for luxury vacation homes in Florida.
As always, Florida holds the appeal of warmer climates. Winter is usually when the market for luxury vacation properties heats up, but this year it looks to be especially vigorous due to brutal weather in the north.
For the majority of Real estate investors, however, the benefits of a warm-weather lifestyle outweigh the risk of hurricanes and rising water levels.
Storm season is no longer a major concern for buyers. Everybody’s looking at a 5 to 10 year ownership span for themselves, so everybody feels fairly comfortable that nothing terrible is going to happen in that time.
An established population of foreigners can help draw new blood down south as well. Some have owned larger properties or older apartments in Florida for years and are looking to upgrade to a modern property.
In Boca Raton especially, there are few places to build, ensuring that demand will stay higher than supply for the foreseeable future. You see more people from Miami moving up to Boca Raton because it’s just too populated.
Other big appeals are a multitude of restaurants, shopping, the nearby international airport—a nonstop International flights to Florida and of course, proximity to the beach.
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