Gone are the days when Fort Lauderdale was touted as the “humble neighbor” to the affluent Miami. The beautiful city has been hitting the headlines for quite sometime now with its world-class dining, entertainment, shopping as well rich cultural activities. Promising tech start-ups have also sprang up, assuring healthy career opportunities for the educated millennial. It’s little wonder that Fort Lauderdale real estate scene is reaching heights of late.
Let’s dig deeper into the main 4 reasons behind the booming real estate of this South Florida city.
High employment growth
According to John Seiler, the honorable city Mayor, Fort Lauderdale is leading in employment creation in Florida. As per the recent industry reports, the city currently boasts a meager 4.4% unemployment rate – way lower compared to Miami, West Palm Beach, the whole of Florida & the US as well.
In regards to property tax, Fort Lauderdale claims no more than 4.111% – the least in all the 25 big cities across Florida. Lower tax has always been a huge turn on for aspiring real estate investors. Then, there are great tax benefits for Ft. Lauderdale vacation home buyers. The city government allows easy tax breaks even for property renovations.
Lower property prices
This is certainly one of the central reasons wheeling realty investors to Fort Lauderdale. Miami shines with all its glitz and grandiose but its insanely priced properties are a huge drawback for its real estate scene. Smart investors will think twice before making an investment that might cost them an arm or leg- especially when they have a more economical alternative with the neighboring Fort Lauderdale. For example, paramount condos ft Lauderdale, the latest buzzword in the city realty scene, charges less than $1,000/sq.ft. On the other hand, the average price for South Beach condos is no less than $3,000/square foot.
Fort Lauderdale realty scene is also gaining traction with its new upscale developments. The city has got some of the most beautiful water-front homes with mesmerizing ocean views and of course cutting edge amenities. For example, the paramount condos ft Lauderdale is designed to awe you with inspiring range of building amenities. From a swanky outdoor lounge to concierge service to its glam sauna space to AC units to a cool BBQ area – the highrise is every bit of an elite residency. And it’s not the only one in the city with such industry-leading features and facilities. The new developments boast systematic design and meticulous planning by talented architects who are aimed to mark a promising horizon for the bustling property space here. Ambitious developments are also on for commercial property spaces.
The latest Fort Lauderdale real estate scene shows great potential irrespective of the type of property you want to invest in- be it a plush hotel or a residential building or a vacation property. Added to its booming developments, the cityscape forwards a warm welcome with its exhilarating tropical climate and warm hospitality.