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Real estate forecast for South Florida in 2018

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Following a slow year in its property market, South Florida is ripe for new investments particularly in the luxury segment of Miami or Fort Lauderdale, according to experts. It’s what they dub a “perfect storm”: prices are softened, developers and sellers alike are willing to offer up to 20 percent in reductions, and there’s lack of new construction that allows the the absorption of current oversupply. Image source: Pixabay.com Analysts of the South Florida real estate market are also highlighting a U.S. tax reform bill that could translate to huge savings for people willing to relocate to this part of the country, as well as an aging population that seeks out luxurious living and nice, retirement-friendly weather.  Miami prices for luxury offerings are expected to remain flat in 2018 due to the oversupply that needs to be tackled, leading to developers and sellers offering price incentives for moving both new and resale properties. Certain market factors could ...
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More real estate projects are pushing into South Florida

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Despite nearly five years of plateau in its office-space segment, the South Florida real estate market is now on the rise, evidenced by new office buildings all set to open within the year. This welcome development is fueled by a growing number of renters, mostly in the submarkets.  Image source: miamicentral.com While this does not yet signify an official boom, multiple projects are being planned in the area in a huge effort to meet increasing demand. Residential construction has dipped a little through the first eight months of 2017, but nonresidential construction, including various types of commercial real estate, has gone up by 36 percent to $3.8 billion.  The rationale is, there having been few constructions in South Florida for quite a while, the amount of vacant space has declined. The yearly net records of office spaces have been steady, yet higher rents in certain submarkets have made new developments attractive, paired with consistent growth of ...
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