The housing market in Southwest Florida has been performing strongly since 2010, and foreign investors have been a major driver of the market’s growth.
Recent global developments, such as the economic crises in Argentina and Venezuela, have caused the market to slow down a little. But analysts say it remains strong and stable, particularly as home prices have yet to reach their all-time high recorded in 2006.
Miami remains the top choice of foreign investors, not only in the Southwestern Florida region, but also in most of the country. However, the rising home prices in Miami have shifted some of the spotlight to nearby areas, particularly Broward County.
Here are some reasons why Broward County is an attractive alternative to Miami:
- Along with Miami, the area has always been a favorite destination for foreign investors, especially those looking for vacation properties or second homes. Broward County’s international airport, diverse population, attractive tax rates, and vibrant culture factor into its widespread appeal to foreign investors.
- Broward County is the site of many luxury housing developments built by the same developers in Miami. Buyers get more value for their money in Broward County properties because they get the same high-end quality as Miami developments but at more affordable costs.
- Broward County, along with the rest of Southwest Florida, has an impressive history of recovery from the Great Recession. Unlike Miami, however, where home prices have skyrocketed, Broward County’s recovery has been a steady and more manageable climb.
- As Miami now sees some struggle with rising inventories, the Broward County market’s growth continues to be healthy, with a 4.4% rise in closed sales for multi-family homes, and 4.8% rise in single-family homes at the end of June, 2016. Inventory for single-family homes fell by 10%, and for condos by 1.8% in the same period.
Why invest in Weston, FL?
Since the completion of its first homes in 1984, the City of Weston has remained one of the most desirable communities in the country for luxury buyers.
NerdWallet, a leading resource for investment advice, has ranked the city 21st among 227 places in its “Best places to invest in real estate in Florida”. NerdWallet based their rankings on the following criteria:
- Growth score – this shows the increase in home values over the last decade
- Tax rates – this combines city and county property tax rates
- Affordability – this measures how much a buyer can get for their money
- Market health score – this basically measures how fast a home sells in the market compared to the others in Florida
Weston garnered impressive scores in all aspects:
- Growth score – 59.93%
- Tax rates – $7.26 (per $1,000 of home value)
- Affordablity – the average price per square foot as determined by NerdWallet is $178
- Market health score – 1.84
In addition to this, Weston boasts many features that make it attractive to luxury real estate buyers, including:
- Location – Weston is close to the Fort Lauderdale airport, as well as to Southwest Florida’s major attractions, including downtown Miami, Fort Lauderdale beaches, and the Everglades.
- Safety – Weston was named the Safest City in America by home security and financial expert, CreditDonkey, and ranked #11 in NeighborhoodScout’s list of Top 100 Safest Cities in the U.S. It also has the lowest crime rate per capita in Broward County.
- Green city – Bordered entirely to the west and partly to the north by the Everglades, Weston is committed to the national park’s preservation, as well as that of the many wetlands, lakes and canals within its territory.
The city also meticulously maintains numerous parks and open spaces, and is well-known for its carefully-planned landscaping. Its green commitment makes Weston unique, appealing to those who love to be surrounded by nature.
- Economy – Weston has a very strong economy with a healthy entrepreneurial spirit. The median household income is nearly twice that of the state and the country.