The Fort Lauderdale Real Estate Outlook Is Looking Good
Fort Lauderdale residential and commercial real estate will continue its strong performance throughout 2014 according to Dr. John Tuccillo, chief economist for the Florida Realtors. The steady economic growth has had a very positive affect on the local real estate market.
Sales should increase 12-15% and home values will also increase. The vibrant local economy and a steady influx of new residents to the State of Florida will support these facts. Fort Lauderdale is attracting working age families, retirees and young professionals which increases the demand for housing.
Canadian buyers will also play a lead role in Fort Lauderdale properties. They have outpaced other International buyers and Fort Lauderdale has become their number one vacation destination which leads to real estate purchases along its many waterways from condos and homes on the New River to the oceanfront and Intracoastal properties. Because the prices have edged up and the dollar is stronger we may see the Europeans playing less of a role in 2014. This makes the properties more expensive for them but they will still purchase a slice of paradise maybe just not to the degree we saw over the past 3 years.
South American and other Latin countries will continue to buy Fort Lauderdale condos and homes because of the excellent climate and safe environment for their families to come and enjoy. South Florida’s proximity and numerous International airports make their travel to and from Fort Lauderdale easy and effortless.
One last point, now that prices have come up many “underwater owners” have some equity in their properties and will either trade up or trade down based on their needs. This will lead to more listings coming into the market place. With an increase in personal wealth, a healthy stock market and steady economic growth 2014 will prove to be a very exciting year in Fort Lauderdale’s real estate market.