#SoooBoca

2016 Won’t Turn Real Estate Market Upside Down in South Florida

 

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It is still a sellers market with lower inventory then we like to see. But sales are brisk with multiple offers coming in on properties that are priced properly.

According to the Miami Herald, real estate insiders expect 2016 to be a strong year for South Florida despite slowing sales and price gains in the condo market, according to a survey conducted by Berger Singerman.

The law firm polled about 100 top developers, Realtors, investors, lenders and contractors
for their take on the new year.

“The overall consensus is that things are going to continue in a similar direction,”
said Jeffrey Margolis, a partner at the firm. “2016’s going to look a lot like 2015.
So while everyone is asking, ‘Are we in a bubble? Is it all going to come crashing
down?’, the smart money says that’s not the case.”

About 42 percent of respondents said 2016 will be “somewhat better” than 2015. About
37 percent said there would be “no change” in the market next year. Only 13 said
they expect a “somewhat worse” year.

The reason growth won’t pick up much? Struggling economies in Latin America and
Europe are holding back the foreign investment that has fueled South Florida real
estate since the recession, particularly the new condo market, an important local
economic driver. (Single-family homes are still selling at a record pace because
of tight inventory.)

More than 60 percent of respondents pegged “global economic conditions and uncertainty”
as their top reason for a lack of confidence in the market.

The poll also revealed that developers plan to build more than just condo towers.
While 26 percent of respondents said condo development will produce the highest
returns in 2016, the hotel and hospitality (21 percent) and retail (20 percent)
sectors weren’t far behind.

That’s a change from previous years, said Berger Singerman partner Marc Shuster.
“We’re definitely seeing more diversity in the market,” Shuster said. “Following
the multi-family rebound, people have a feeling that these other areas are going
to take off too.”

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