January 4, 2018
South Florida's top real estate executives weigh in on how they believe the market will fare in the coming year and where opportunities may lie.
Douglas Elliman Florida CEO Jay Phillip Parker:
“South Florida was a buyer’s market in 2017, particularly in the ultra-luxury sector. While the market is generally seeing lower pricing, there is no doubt that this sector saw the greatest opportunities. The boom generated a significant amount of speculative product in the sector, which initially sought aggressive, record-breaking pricing. But the softening of demand ultimately led sellers and buyers to find a meeting of the minds. 2017 brought significant discounts, which we believe still left room for early investor profits. The recent spike in interest, coupled with tax referendum, seem to have shifted the temperament of both buyers and sellers, raising speculation that South Florida may be ready to boom again. Douglas Elliman cornered the market, closing a large percentage of the transactions at the top of the market, and we have seen velocity in the sector continue to gain momentum.”
Developer of Paramount Miami Worldcenter and Paramount Fort Lauderdale, Dan Kodsi:
“The negligible amount of new condo development announcements in the past two years have caused inventory to be absorbed, allowing prices to continue stabilizing which sends a buy signal to the market. We have already seen an increase in momentum toward the end of 2017 — typically a time when the market slows. That should carry us into a much stronger 2018.”
LeFrak Organization Senior Managing Director for Acquisitions and Capital Markets Camille Douglas:
“I predict that the residential real estate market in South Florida will be strong due to sustained economic growth in the U.S., as well as further regional gains in population, due to the relative competitiveness of Florida in the wake of federal tax reform and the increasing attractiveness of Miami as a world-class city.”
Hudson Capital Group President/CEO Steven Hudson:
“I think we’ll see more and more investment in Fort Lauderdale in 2018, driven by a growing recognition of the unique lifestyle that’s available here. For the first time in a long time, Fort Lauderdale is being talked about in the same sentence as cities like Austin and Seattle, not only in terms of attracting developers, but millennials and the creative class as well.
Source: Bisnow
