By: Lyndsey Kaplan (Real Estate Broker at AIM Wealth Realty) 

In the real estate industry, Florida stands as a beacon of opportunity, drawing investors from near and far to its sun-kissed shores. As the South Florida market continues to sizzle, with Miami at its epicenter, prospective investors are eager to uncover the secrets behind the state’s enduring allure and forecast what lies ahead. 

People always ask Real Estate Broker Lyndsey Kaplan, “Is the real estate market going to continue to go up?” and her answer is, “Yes… In Florida.” Here’s why: 

Florida’s Foundation for Success: Governor DeSantis’s Vision

Governor DeSantis’s visionary plans for Florida’s future lay a solid foundation for sustained growth and prosperity. With a focus on education, entrepreneurship, and homeownership, the state has experienced unparalleled success in recent years. 

According to the Palm Beach Post, 91,201 New York residents moved to Florida in 2022. Given the recent trends in New York, high taxes, rising crime rates, and various political developments Kaplan has seen go on in New York lately, she says that this year, that number will continue to grow. 

Real Estate Mogul Grant Cardone tweeted yesterday, “Why would I buy in New York City where you can’t actually collect rent, taxes are higher & illegals are treated better than property owners. I can buy Florida and get better assets for less, actually able to collect rents & the law respects the property owners? The city that never sleeps is being overrun by crime, illegal immigrants & political creeps.” 

Florida’s robust economy, ranking high in education, net in-migration, and new business formations, coupled with strategic investments in tax relief and residential home mitigation programs, set the stage for continued expansion and opportunity. As Florida maintains its commitment to affordable higher education, investors can rest assured knowing they are investing in a state poised for long-term prosperity.

Interest Rates: A Catalyst for Growth

The prospect of interest rate cuts in the coming months presents a golden opportunity for investors looking to capitalize on Florida’s burgeoning real estate market. With rates potentially dipping below 6% by mid-2024, buyers are poised to re-enter the market en masse, driving demand and propelling home prices to new heights. As rates normalize, the pent-up demand will unleash a wave of activity, further fueling the state’s economic growth and driving appreciation for homeowners.

As soon as rates go back to what people think of as normal, they will jump into the market. Kaplan shares she can’t even count on one hand the number of clients who have said they want to buy but are waiting for that. “Then what happens when demand rises? Home prices go up,” she says.

Florida Homeowners Reap the Rewards

For Florida homeowners, the news is equally promising. As home equity continues to rise steadily, Kaplan says homeowners find themselves in a favorable position to leverage their assets and capitalize on emerging opportunities. The state’s resilience in the face of economic uncertainties speaks volumes about its stability and long-term viability as an investment destination.

For International Buyers: A Lucrative Market

Florida is a great opportunity for international clients who are looking to expose themselves to the US market. International buyers have more buying power in their currency due to the decreasing value of the US dollar. As a foreign buyer, the longer you wait, the more competition you will have with US buyers in the market. 

New Developments: Leading the Future

The number of new developments in Miami is growing vastly. Dolce & Gabbana, Aston Martin, Waldorf Astoria, The Edition, Eleven, and so many more. These new developments are all reaching 100% sold out before even breaking ground. And that’s at these “high-interest rates’ imagine the demand when the rates go down! 

Edgewater, a particularly rising neighborhood in Miami, has plans for 6,000 new apartments and condos. Developers spent about $500 million on property acquisitions in Edgewater in 2020, according to an analysis by The Real Deal. If developers spent this much on this neighborhood, they know it’s going to continue to sore. 

Looking Ahead: A Positive Outlook for Florida

Gazing into the crystal ball of Florida’s real estate market, the future appears bright and promising. With Governor DeSantis’s bold vision guiding the way, coupled with favorable interest rates and a thriving economy, Florida is poised to maintain its status as among the USA’s hot markets for years to come. For investors seeking to capitalize on the state’s boundless potential, now is the time to act and seize the opportunities that lie ahead.

In conclusion, Florida’s real estate market is a tapestry of opportunity, woven together by innovation, resilience, and unwavering optimism. As a South Florida Real Estate Broker, Kaplan is committed to guiding investors toward success and helping them unlock the full potential of Florida’s dynamic real estate landscape.

For more insights and updates from Lyndsey Kaplan, follow her on Instagram at @kap.lyn and @aimwealthrealty. For all inquiries, email Lyndsey@aimwealth.com.

Published By: Aize Perez