South Florida’s real estate boom and looming crash has the potential to change the tri-county region as much as Henry Flagler’s Florida East Coast Railroad and the Mariel Boatlift did decades before.
With an estimated 60,000 to 80,000 new condo units proposed, under construction, and recently completed in Miami-Dade, Broward, and Palm Beach counties, South Florida residents will soon realize the tropical region they know is likely gone forever.
For many, that’s simply progress. For others, it is the end of the latest chapter in South Florida history. Regardless of your perspective, you shouldn't blame the changes on the developers who put up the towers but rather the flippers who wildly put down 20 percent deposits in hopes of tripling their money.
The irony of situation is that many of the speculators who guessed right about the region’s future but now don’t have the financial staying power to ride out the real estate downturn could conceivably be forced to leave the region for more affordable places.
With speculators accounting for as much as 80 percent of the new condo units going up across the region, the likelihood is high that the individuals who end up eventually owning many of the condo units going up across South Florida will be coming from elsewhere.
If and when these prospective buyers invest in South Florida, they are inevitably going to bring many different ideas and strategies for capitalizing on the region’s opportunities and dealing with its problems.
It’s impossible to predict where the next wave of South Florida residents will come from. For what it is worth, about half of our clients actively looking to buy today are individuals who live outside of Miami-Dade, Broward, and Palm Beach counties.
Many of our buyers come from the usual places like New York, Pennsylvania, Illinois and Michigan. Condo Vultures™ Realty is increasingly working with would-be buyers from places such as Virginia, Colorado and California.
As for our foreign buyers, the interest level among Latin Americans remains steady but the real interest is coming from countries such as Canada, the United Kingdom, Ireland, France, and Spain. In recent weeks, Condo Vultures™ has been contacted by a growing number of successful professionals and entrepreneurs living in the United States with origins from Central Asia.
In considering all of this, it seems that the demand for a deal on South Florida real estate is as universal as the level of optimism about the region’s future.
Peter Zalewski is a principal with the consulting company Condo Vultures™ LLC and the qualifying licensed real estate broker of Condo Vultures™ Realty LLC. Peter can be reached at 800-750-0517 or by email at peter@condovultures.com.
Copyright © 2007, Condo Vultures™ LLC
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