We all know that Miami Beach is a hot spot for real estate investors from Latin America, Europe, and more recently The Middle East and China. Most of these investors are simply moving money from their respective countries into the US real estate market, and they get to enjoy the South Florida lifestyle along the way. This high demand has obviously led to soaring real estate pricing in Miami Beach and other areas of Miami.
According to a New York Post article on this very topic, some international buyers could be priced out of the Miami real estate market. Fort Lauderdale is only 30 miles north of Miami, and plenty of new luxury condos and homes are either available now or under construction. The beach doesn’t look any different in Fort Lauderdale than it does in Miami, yet the values on new luxury units in Fort Lauderdale are 40% less than those in Miami. Miami is still the prime location and most likely will be for quite some time, but Fort Lauderdale is clearly a viable alternative.
Being a REALTOR®and home owner in Boca Raton, I hope the northern movement of international buyers extends up into Palm Beach County sometime in the not too distant future. The Boca Raton, Highlands Beach, Delray Beach, and Palm Beach areas are all known for their luxury real estate properties. Surely, there has to be some international buyers that want a luxury home in a area that is a little more quiet and laid back than Miami Beach.