South Florida Real Estate Holding Strong After Irma
After hurricane Irma left Florida smarting from billions of dollars in damage, many worried about the future of the sunshine state’s real estate market. But after a month-long slump, South Florida’s real estate market remained strong. Both Palm Beach and Miami Beach logged an increase in high-end home sales in 2017, according to a report from ONE Sotheby’s International Realty and Integra Realty Resources. And according to the report, luxury home sales are still expected to increase by a modest amount in 2018.
The weakening dollar is expected to draw in international buyers, while the favorable zero state income tax is expected to attract tax refugees from heavily taxed states in the Northeast. Irma might have shaken the state up a bit, but Florida’s real estate market still seems resiliently poised for a bright future.