On behalf of Golf Life Properties’ East Coast Team, greetings and Happy Holidays! Overall, what a great real estate year 2015 was for South Florida. Building on that momentum, anticipation for 2016 and beyond is looking equally promising.
With large inventory levels and price escalation occurring mostly in Miami and Fort Lauderdale the past few years, the real estate opportunity looks very bullish now for the more northerly markets (i.e., northern Broward County, Palm Beach County and Martin County) where they did NOT have major construction and price increases. Smart investors and new or soon-to-be retirees from the northern US states are seeing more, and more attractive, opportunities for both golf and non-golf communities alike. This bodes well mainly for Palm Beach County as the majority of golf communities and homes are found concentrated here.
According to Floridarealtors.org, the median list price for a single family home in the West Palm Beach metropolitan region in 2014 was $165k. As of early December 2015, that figure had risen to $179k – a healthy 8% increase, showing rising demand, but without major unrealistic price escalation. Compare that with Miami, where average list price last year at this time was $315k. Year to date they have seen a massive 20% jump to $376k. Astute buyers should be concerned by this trend and cautiously wondering, “when does the music stop?”
At GLP, we continue to see increasing web visits and phone calls from individuals looking for guidance and help in a purchase of a retirement, vacation, or second home. A recent Governing.com article showed that interest in our area is hot and getting hotter: Palm Beach County was ranked 9th among the top counties in the US where people are moving. Moreover, new retirees moving to Palm Beach County, mostly coming from New York, had the highest average gross income at more than $95k.
Demand is strong and seems to want to stay that way in South Florida for the foreseeable future. We here at GLP and GLN are thrilled to be part of this movement and providing our trusted advisor services for those wishing to live and retire in paradise!
James Schumaker