From welcoming the new headquarters of American Express to being named one of the most attractive real estate markets in the country, Broward County in Southeastern Florida is nudging into the country’s spotlight of luxury developments. Often compared to its much larger southern neighbor, Miami-Dade County, Broward might not be the zenith of over-the-top, high-end homes that seem to mushroom by the minute. Its real estate expansion is slower. But it is also more steadfast, fueled by economic benefits. As a result, the county is now a market with continual potential that experts are excitedly tracking.
To delve deeper into the factors that bolster Broward County’s luxury real estate, Haute Residence talked to Mark Kravitz, real estate agent with One Sotheby’s International Realty. Kravitz not only serves the affluent communities of Broward County, but also resides in one of them, Plantation Acres.
A recent study for the Urban Land Institute by PwC ranked Broward County among the most attractive and fastest growing real estate markets in the US. What is driving the growth?
Like the rest of South Florida, Broward County continues to see growth in all sectors of the real estate market. While Miami has seen a little too much growth recently as well as some very high prices, Broward County continues to grow at a much steadier pace making it extremely desirable to buyers and investors. When it comes to the luxury market in West Broward, like Plantation, Davie, Southwest Ranches and Weston, buyers can find beautiful homes on large pieces of land for less than half the price of most of the luxury areas in Miami.
When it comes to real estate investment, what makes Broward County an attractive destination?
Cap rates here are more attractive currently than those in Miami-Dade. Investors looking for long-term investments as well as those seeking to flip in the short-term see Broward County as being a safe investment. Prices are not as high as Miami, yet rents are still quite competitive and are continuing to increase annually.
American Express opened its South Florida headquarters in Broward earlier this year, what is it about the county that makes it a welcoming home for large companies?
West Broward County has cities that have partnered with developers to make real estate acquisitions attractive for major national companies. From the City of Sunrise welcoming the new luxury development of Metropica to the redevelopment of the major retail areas in Plantation, these municipalities are working with developers and companies to bring everyone to the table and create the most efficient use of real estate as possible.
For example, the new luxury condominium Metropica in West Broward includes retail, luxury rentals, a hotel, conference area and more. In the city of Plantation, developers are redeveloping traditional malls and creating mixed-use projects with outdoor dining and retail combined with high-end rentals and commercial space.
And right outside the cities’ centers, there are beautiful residential neighborhoods that maintain strict standards and building codes allowing these areas to remain private and pristine while still having all the benefits of being close to all the conveniences of a major city.
These facilities will continue to attract national anchors to relocate to West Broward. Moreover, major roadways make it simple to travel from West Broward to Miami, Fort Lauderdale and Palm Beach so companies see West Broward not only as appealing for its infrastructure and development but also as a being centrally located to all other major metropolitan areas in South Florida.
What are this year’s trends in real estate in towns like Plantation and Davie?
There is no question that modern architecture is currently popular in Plantation and Davie. However, the area is already seeing a move away from the ultra-modern and a return to a more contemporary and transitional look. Buyers in these areas are seeking acreage and properties with homes that have more classic architecture and high-end timeless finishes. The days of white porcelain floors and stark white quartz countertops are quickly coming to an end and a warmer, more timeless aesthetic is becoming more desirable to current and future homeowners in Plantation and Davie.
There is also a sense in these neighborhoods that it is no longer as easy and affordable to find homes on oversized lots, which is what put these neighborhoods on the luxury home map initially. Indeed, new construction projects are building on half acre lots in Davie, and the larger lots in Plantation and Davie are becoming harder to find. When updated homes on an acre or more of land come in the market, they move quickly.
What is the average price for a luxury residence in the county? What type of homebuyers move in to Broward?
Luxury homes in Davie and Plantation start around $1 million and go as high as over $3 million. These prices are considerably lower than comparable product in Miami, which is why we are seeing a lot of buyers moving here from Miami. In addition, the schools – both public and private – are very desirable to anyone considering moving to South Florida so many of the buyers we see are focused on specific schools and the future education of their children. Finally, most of the luxury neighborhoods in Davie and Plantation are extremely private and quiet, attracting buyers looking for a more peaceful and secure lifestyle.
What is the end-of-year inventory in the county? Is it indicative of any market trends?
The luxury market in Davie and Plantation has seen a small increase in inventory, which has corresponded to a slowing down of increased prices for luxury properties. That being said, this market never experienced the overly inflated growth of some other South Florida neighborhoods, so both buyers and sellers continue to view the luxury market as strong with prices and inventory levels remaining steady in most communities.
What are your expectations for 2018?
For 2018, I expect the luxury market in Davie and Plantation to continue to be strong. Many baby boomers who originally bought in the 90s and early 2000s are moving on to the next phase of their lives and I am continuing to see young families from Miami looking for more affordable luxury product buying homes here. With new retail and commercial development continuing at such a rapid pace combined with the outstanding selection of public and private schools, I expect to see an increase of buyers from out of state looking to Davie and Plantation as extremely desirable areas to live.
Mark Kravitz is the exclusive agent representing the Plantation and Davie, Florida real estate markets as a member of the Haute Residence Real Estate Network. Reach him at 954-739-7653 and view all of his listings here.
Image courtesy of Mark Kravitz