| Issue #30, October 20, 2006 |
Where The Buys Are
Want to know the real scoop on South Florida’s real estate market? Let’s just say that in a world of “has the market bottomed out,” we are seeing some of the best opportunities of a lifetime! Yes, there used to be investors that drove market conditions to unbelievable levels, but that’s over now; South Florida is still within the reach of most homebuyers. Compared to prices in New York, and even the Hamptons, the value is incredible!
Let’s share some comparisons... A sweet little village house in East Hampton Village may cost a mere $1,250,000, but one could buy a waterfront home here, with a pool and a dock, for the same price! What could appreciate more or be more desirable in the future, than an oceanfront home in the low seven-figures?
South Florida is a wonderful destination and provides for a great deal in real estate value. What other locale has miles of sandy beaches, warm waters, three major airports to choose from, and is only a two-and-a-half hour flight from New York? If you are a boater, South Florida is considered the Venice of America. If you are a golfer, there are communities here that are geared towards you, exclusively. Nightlife, great restaurants, and world-class shopping are abundant in South Florida, and let’s not forget the sunshine!
From South Beach to Palm Beach, the possibilities are endless.
That said, you cannot buy a condo on the ocean for $99,000, so forget it. You can find a starter place, though, in the $300,000-range, as well as a record breaking $100,000,000 place in Palm Beach.
Now, let’s talk. The Wall street Journal article wrote “if you don’t buy a property for your retirement when you are in your thirties or forties, you may not be able to afford it when you retire.” We all think that as we age we can cash out of our current home, trade down, have money to live off of, and get a nice little place by the sea. But real estate values continue to climb, especially by the sea, so why not buy now? Use it part time, rent it out, or just let your friends and family enjoy it; nothing makes you more popular than a winter home in Florida, that’s what makes homeowners in the Hamptons so popular in the summer. And just think about the house gifts!
Now, let’s talk about the luxury home market... Trump, a familiar name, has many projects on the drawing board and the price point is remarkable...there is no limit to high-end projects on the horizon. WCI, one of the most prestigious developers in the area, also produces fantastic properties. From single-family homes and town houses to condos, every home has a buyer.
Whether they set on the oceanfront, Intercoastal or country club, your dreams can be fulfilled; a place for your retirement, an escape from the cold, or an investment for the future, it’s available to you.
Culture, or lack thereof, is one of the most talked about subjects concerning South Florida. Most people think of second-rate productions or dinner theater...not so. Many top performers and shows make their way to South Florida; the recent King Tut exhibit is proof. Miami has just opened a tremendous facility that will be home to many upcoming events; Broward and Palm Beach counties are following suit.
Nowhere has a more dynamic arena for the sports enthusiast than South Florida. Baseball, football and basketball are among the top rated, but there’s also horse racing, dog tracks, Jai Alai and other gaming opportunities.
Cruise ships leave from here to go to some of the most desirable destinations in the world; to watch the ships come and go from your own balcony is a beautiful sight.
To add to the spectacular beauty of South Florida, we have the Everglades, an incredible natural resource for birds and other wildlife, and don’t forget about the Keys, with reefs for diving, game fishing or even hunting for treasure. The Keys are home to many people who have recently discovered Florida’s beauty, and also those who have known it for a long, long time. We welcome you to explore this little bit of paradise right here in your own backyard.
Barry Murac & Chris Davall are realtors with Prudential Florida WCI Realty in Fort Lauderdale, specializing in waterfront properties. Together with 20 years combined experience, let them help you find the perfect home in South Florida. Visit their website, www.h2oviews.com for additional information.
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