Fort Lauderdale Real Estate | 2016 South Florida Market
The world of Fort Lauderdale Real Estate can be unpredictable at times, but things seem to be looking up. A survey conducted by Berger Singerman found that real estate insiders believe that 2016 will be a solid year for South Florida. Price gains and sluggish sales in the condo market have not squashed this expectation.
About 100 Realtors, lenders, contractors, investors, and developers took part in the poll. The law firm asked the participants for their forecast for the new year.
Jeffrey Margolis, a partner at Berger Singerman, was happy to share the results. “The overall consensus is that things are going to continue in a similar direction. 2016’s going to look a lot like 2015. So while everyone is asking, ‘Are we in a bubble? Is it all going to come crashing down?’, the smart money says that’s not the case.”
What did the respondents have to say, percentage-wise? Roughly 42 percent of participants said 2016 will be “somewhat better” than 2015. Close to 37 percent said “no change” will take place in the coming year. On the flip side, 13 percent think 2016 will be “somewhat worse.”
Why won’t we see a significant amount of growth? Europe and Latin America are struggling with unstable economies. Because foreign investors from these areas have been fueling Fort Lauderdale Real Estate for several years, it’s uncertain when things will really pick up again. The new condo market, a crucial part of the local economy, has benefited the most in the past. Interestingly enough, single-family homes are selling quickly.
About 60 percent of participants said that “global economic conditions and uncertainty” was the main reason why they had little confidence in the market.
According to the poll, developers have building plans that go beyond condo towers. Results indicated that 26 percent of respondents believe condo development will bring the most returns in 2016. However, the retail (20 percent) and hotel and hospitality (21 percent) districts weren’t far behind.
Berger Singerman partner Marc Shuster said this is a notable change. To learn more, click here: Miami Herald
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