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Why it is a Good Time to be Investing in Florida

by James McClister

Any agent will tell you that selling an investor on an entire real estate market is a much more complex process than selling an individual property. Though you work hard in both circumstances, making clients see the potential of a market means painting the total economic picture of a region: jobs, commerce, retail, travel, you name it. Investors are looking for opportunities evidenced by overall health of a market, not just the stats on a particular condo development. In the case of South Florida, the facts are on your side. Florida has been one of the leading lights in the US economic recovery, due in large part to its recent construction boom and consistently high employment rates.

Florida Stands Out

There are certain things that Florida has always done better than any state in the union, in part because of its ideal location and natural beauty: spectacular beaches for swimming and great spots for sport fishing, a sophisticated cultural scene with top museums, galleries and performing arts, fantastic food with an international flavor and just a little over two hours from New York by plane. While it’s true that Florida has long been a popular destination for retirees seeking lower taxes and warmer temperatures, the advent of the major international fairs Art Basel Miami Beach in 2002 and Design Miami in 2005 has attracted a new demographic. Now with the re-opening of the world-class Pérez Art Museum in Miami and a thriving design scene, Florida is basking in an ultra-chic new light.

Savvy investors are already taking note of Florida’s healthy real estate sector, particularly in the southern part of the state. With low taxes and low unemployment, Florida is an attractive place for residents and businesses alike, and the housing market has benefitted accordingly. While the absence of state income tax has always made Florida an attractive place to retire, larger social trends are changing the housing landscape, particularly in Miami. Young adults are waiting longer to marry and start families, and when they do, they’re much more likely than their parents to want to remain in urban areas full of amenities and lively cultural offerings. This is great news for developers, who are seeing more and more young families settle in downtown Miami instead of decamping for the suburbs.

Miami Defines South Florida

Restaurants and services, retail and entertainment all benefit from the mix of ages and lifestyle preferences, which further reinforces Miami’s economic health. With the increased presence of global finance in the city, particularly in neighborhoods like downtown Brickell, a steady stream of young professionals mean that the rental market is strong, too. Numerous multi-national corporations have regional headquarters in Miami, which is ideally located as the gateway to Latin America: Nokia, Hewlett-Packard, Kraft Foods, Oracle, and Microsoft among many others are just a few of the companies that employ South Florida’s young professional class.

For investors seeking established and proven quality in addition to fresh opportunities, and in that respect, Florida delivers: many of its newer developments are state-of-the-art residences designed by top architects, with innovative designs rather than cookie-cutter apartment houses. Ugo Colombo’s elegant new luxury condominium, the Brickell Flatiron, offers buyers the chance to invest in the sophisticated visual aesthetic of South Florida, in addition to an ideally situated property that was built at the right time. Overall, there’s plenty of data to support the enduring appeal of South Florida.

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