South Florida has seen a wave of people from the northeast in recent years, allured by Florida’s low property taxes and no income tax. Sales of upscale homes and condominiums in all three counties had seen considerable upticks by December 2019. Furthermore, demand has seen ongoing increases amid the COVID-19 pandemic as buyers seek additional space, bigger properties, and a greater sense of security.
At the same time, Broward County has seen particular gains. The larger Fort Lauderdale area experienced total home sales rise by just over three percent year-over-year during the first quarter of the year, and transactions involving luxury single-family homes during the same period rose a little over 26 percent. Per the Miami Association of Realtors, the median selling price increased seven and six percent houses and condominiums, respectively.
The cities of Miramar, Plantation, and Davie in Broward County are among the lowest in terms of inventory, potentially hinting at that real estate activity remains healthy, Zillow data also indicates that Fort Lauderdale is home to some of the most handsomely priced properties in all of Broward.
Local real estate experts are suggesting that the vigorous buying activity won’t be easing up anytime
soon, making it a perfect time to invest in the luxury market.
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