After a slow year in the South Florida property market, dominated by an oversupply of luxury inventory and the retreat of Latin American buyers due to the strong dollar, 2018 represents the perfect time for interested parties to buy a luxury condo in Miami or Fort Lauderdale, experts say.
That’s because of what Jay Parker, CEO of Douglas Elliman’s Florida brokerage, called a “perfect storm”: softened prices, and developers and sellers willing to offer 10% to 20% price reductions; a lack of new construction, which will allow the current oversupply to get absorbed; a U.S. tax reform bill that could mean huge savings for people willing to relocate to this income tax-free state; and an aging U.S. population that wants luxury living and nice weather for their retirement.
“We’re seeing increased sales velocity and a longer-term commitment to South Florida from our buyers,” Mr. Parker said, noting that this is a shift from the investor-driven buyer of a few years’ back.
“The luxury markets in most of South Florida will really benefit from these factors over the next 12 month,” he added.
Ryan Shear, principal for Property Markets Group’s South Florida market agreed. “I literally don’t think there will be a better time to invest in the Florida property market than right now,” he said.
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