A Brand Called Broward
Post date: Apr 27, 2015 5:20:15 PM
Founded in 1915 after the notorious Napoleon Bonaparte Broward, Governor of Florida from 1905-1909 (Famous for promoting the Everglades drainage and canal system), Broward County is also know for hosting Fort Lauderdale as the "Boat Capital of the World" and a mid the luxury condo development revolution in South Florida. Currently what stands out is the county's 80 new condo luxury projects underway.
After attending The Real Deal Broward Forum last week at DCOTA, my primary conclusions are as follows: for one, Broward is more "Accessible" than Miami in terms of SQ. FT per $ (square feet per dollar), space is not that scarce as in the south, Miami has no more available ground, unless of course old construction were torn down...
Not only are the majority of buyers Latin American, but Canadians tend to prefer Broward over Dade and a renovated influx of Nationals are looking at the awesome South Florida quality of lifestyle. Beyond just a vacation destiny, the trend it to make Florida a permanent place of residency. The current model and it's 50% downpayment ensure the stability of the building and the background most developers behold ensure the investment will be delivered and become equitable in the short term. So if you are looking at water front properties, you'll probably want to go shopping in Broward...
Another interesting learning from the Forum was how Americans have changed their outlook towards "Home Ownership": Millennials for example aren't that interested in tying their life to a 30 year mortgage and look for more independence, therefor renting is the offered form of housing. Which would explain why "affordable" housing projects: $200K-$250K (this is below the US Median Avg. Single family home of $250K), don't seem to be in many developers minds just yet. Which is giving "used" homes a lift in price.
The question that remains: is it time to buy? the answer is: it is a great time to buy! Once projects are delivered they will have accrued significant value and the demand will only increase amid uncertainty in Latin America and a more confident US + Canadian investor.