A decrease in condo sales, and a steady increase in their price tag, should not hurt the South Florida real estate market in 2016, according to real estate experts in the region. A poll recently conducted by Attorney Berger Singerman of Berger Singerman LLP in Florida surveyed about 100 industry experts. The poll included investors, realtors, lenders, contractors, and even some of the state's top developers right now. Overall, they cited an expected and appreciated stable market that will not "bubble and crash."
Out of the respondents, 42% said that they were expecting a 2016 market that would be noticeably stronger than 2015; 37% predicted that there would not be much change to report; 13% feared that the South Florida market could actually decline; and the remaining 8% were more or less undecided. No matter how you take the numbers, they are fairly promising in the midst of a market that has been unpredictable or unfavorable in years past.
A bigger growth will not be coming largely due to hesitant foreign investors. Latin America and Europe in particular are not putting as much money into South Florida real estate markets as they once did. The market for new condominiums has been ignored the most. Although, single-family homes are still flying off the proverbial shelves, and retail and hotel sectors are also expected to be healthy in the coming year.
If you are interested in more information about the survey and its predictions, the Miami Herald published an article that can be viewed
here. If you need assistance with a
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residential and commercial closing, you can call
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