WATCH: Panelists discuss the future of Broward’s residential market at TRD‘s showcase & forum
Video by TRD’s Alistair Gardiner
Top brokers and agents touted the stability of Broward County’s residential market during a panel discussion on the market’s future at The Real Deal’s third annual Broward Real Estate Showcase and Forum.
Peggy Fucci, president and CEO of OneWorld Properties, said her firm pushed prices up at Paramount Fort Lauderdale Beach since launching sales three years ago. The sellout for the condo tower when it launched was just over $200 million and it’s now approaching $250 million, she said.
While Broward is attracting its fair share of buyers from the Northeast, foreign buyers from Canada, Brazil, Venezuela and the United Kingdom are also choosing Fort Lauderdale over Miami, according to Paula Silberberg, managing broker of the Fort Lauderdale offices of Douglas Elliman Real Estate. And the waterfront in Broward’s coastal markets is much more affordable than in Miami and Miami Beach, Mike Pappas, president of the Keyes Company, said.
Top Coldwell Banker agent Tim Elmes said the residential real estate market in Broward is “much more stable” than in the Miami area, which has lost property buyers to the more affordable Broward market in recent years. “We’re seeing major money coming from the Northeast,” Elmes said, citing Florida’s lack of income tax. “We’re going to get an extremely disproportionate share of the national wealth over the next couple decades.”
The panel, which was moderated by TRD South Florida managing editor Ina Cordle, touched on residential pricing, buyer profiles and sea level rise in Broward County.
To watch the panel in full, check out the above video.
For more videos, visit The Real Deal’s YouTube page.
Source: The Real Deal