When people think about where to spend their money, the average consumer will likely want to splurge on vehicles, apparel, jewelry, or the stock market. But, if real estate comes to mind when you’re thinking of spending your money, you are likely very smart and have the right mindset to become a successful real estate investor. I like the famous quote by Robert Kiyosaki, “Real estate investing even on a very small scale, remains a tried and true means of building an individual’s cash flow and wealth.” It is a truth that has proved it self repeatedly by producing innumerable amounts of wealthy investors globally.
But, where should you invest? Like the age old punch line says its all about, “Location, Location, Location,” and it still rules and remains the most important factor for profitability in real estate investment. From the weather trends in the location, to the proximity to the beaches and amenities, to peaceful conforming areas, the neighborhood status, scenic views, etc. are major factors when deciding on a location. In addition, a mid-to-long-term view, about how the locality is expected to evolve over the investment period is crucial.
So, where are you considering investing? If South Florida’s Luxury Condo Market isn’t on the top of your list, I would like to share with you why NOW is the time to buy a South Florida Luxury Condo!
Over the past year, South Florida’s real estate market has been dominated by an oversupply of luxury inventory and the retreat of Latin American buyers due to the strong dollar. According to Real Estate experts Jay Parker, CEO of Douglas Elliman’s Florida brokerage, Craig Studnicky, principal at Related ISG International Realty, Shahab Karmely, CEO of New York-based KAR Properties, and Mr. Studnicky, “Emerging Trends in Real Estate Report”, 2018 is the perfect time to buy a luxury condo in Miami or Ft. Lauderdale, because of the following reasons:
- Prices are set to be blunted by sellers and developers, who are willing to offer 10% to 20% price reductions, in order to sell what they have left, and move on to starting new projects.
- The lack of new construction, as construction has dwindled in 2016-2017 and is almost at a halt in 2018.
- The U.S. Tax Reform Bill, could mean huge savings for people willing to relocate to Florida, which is an income tax-free state.
- The aging U.S. population wants luxury living and nice weather for their retirement.
- The condos that are under construction now, are beautiful and have tremendous value.
- New builds on the market today, can likely be negotiated hard and buyers can also go for price incentives that wouldn’t have been possible a few months ago, and will disappear once some of the oversupply has been absorbed.
- As the oversupply of luxury condos becomes more popular, the oversupply of units will get absorbed and competition will increase, thus price increases will follow.
- There are significant deals to be made when purchasing resale units, where there’s a lot of downward pressure on price, or single-family homes in places like Sunny Isles Beach and Miami’s downtown Brickell area.
- In Ft. Lauderdale, buyers can expect to pay 200% less on a price-per-square-foot basis than they would in Miami for a similar product.
Click Below To Start Your Search For South Florida Luxury Condos!