South Florida’s property market had its lows, mostly due to the retreat of Latin American buyers because of the strong dollar and an oversupply of luxury inventory. Things have changed this year, however. 2018 is the best time to invest in South Florida, specifically in the city of Fort Lauderdale.
According to South Florida businessman Lee Rosen, prices are friendlier for investors in 2018. Sellers and developers are willing to reduce up to 20% of the prices for real estate properties. Additionally, savings are at stake for those willing to relocate because of the U.S. tax reform bill. Florida is also an income tax-free state, making it the perfect place to retire.
Discover more reasons why you should think of investing in Fort Lauderdale today.
Long-Term Investment Opportunities in Fort Lauderdale
The idea of buying a property in Miami Beach seem very attractive, but you can get a better price on premierlocations in Fort Lauderdale.
“The price differential between Fort Lauderdale and Miami Beach was always between 25 percent and 30 percent, but now you can expect to pay 200 percent less on a price per square foot basis for a similar property,” Lee Rosen notes.
Fort Lauderdale has over 60 official neighborhoods and 25 unofficial — each having a unique personality. There are neighborhoods perfect for singles, couples, and families, and some of them have the prettiest homes with a limited number of residents. For example, living in Hollywood will allow families to enjoy its many parks and other amenities for families, while Rio Vista is a quieter area lined with trees that serve as a backdrop for its impressive architecture.
The Potential for a Higher Income
Properties in Fort Lauderdale are surrounded by exquisite views. A lot of people choose to relocate or invest in this area because of the calm ambiance that comes with waterfront living. If you decide to sell your property in the future, you’re guaranteed with a great selling point because of how ideal the location is.
Reasonable Median Home Value
Fort Lauderdale has one of the highest rental prices among Florida cities, but its median home value is reasonable. At $318,141, a lot of people prefer to purchase a property instead of renting it. In the next few years or so, however, prices of homes are projected to increase steadily. This means that if you are looking to invest Fort Lauderdale, now is the perfect time to do so. Additionally, For Lauderdale currently leads the state of Florida’s statistics in job growth, a testament that a lot of people want to call the city a home rather than a vacation spot.
Choices of Multi Family-Apartment Establishments
It doesn’t matter if you want a 5 to 40 commercial apartment building or a duplex, triplex or 4plex. In Fort Lauderdale, your choices come in varieties. Most of these buildings are strong concrete block construction and your home can either be a park view, intercoastal, or ocean view. If you have lived previously elsewhere, Fort Lauderdale is definitely a breath of fresh air.
Business Incentives in Fort Lauderdale
Retail growth in Fort Lauderdale has been explosive in recent years. This also explains the growth of business investors flocking the city. Entrepreneurs and investors want to enjoy Florida’s no personal income tax, being the state with the top tax climate and is the #2 rated state for business. Even if you’re not ready to invest big in Fort Lauderdale, you can still find ways to make a profit. Investors lacking spunk often miss out on amazing deals because of their apprehensions, but in South Florida, Mr. Rosen believes that the value is in the location. You merely have to figure out what your next move is.