Broward County Increase in Luxury Home Sales
Broward County has benefited from the recent tax changes implemented by the current President. As tax codes have changed there are several more people looking for tax breaks that can help save them money. One of the more popular ways we are seeing is the investment in Real Estate. One of the more popular areas for this investment is Southeast Florida. Broward County has seen a significant increase in the purchase of Luxury Homes. In 2017, Broward County registered 874 homes sold over $1,000,000 according to the Multiple Listing Service (MLS). In 2018 that number has jumped to 1030. That is just below an 18% increase.
Pompano Beach Luxury Home Sales
Pompano Beach has some significant increases in home sales over the past few years and that did not stop at the luxury line. Pompano Beach has been investing several million dollars on the community through its Bond Project and will continue to do so through 2019. Real Estate Investors and homeowners look at this as a positive impact across their real estate investments. Whether you are speaking about the fishing pier renovation or the improvements at McNab Park, there is something being improved for everyone. All of these projects help home sales in Pompano Beach. The increases even incorporate the Luxury Market which has seen a whopping 38% increase from 2017. In 2017 there were just a mere 29 homes that sold over $1,000,000. That jumped to 40 in 2018 according to the Pompano Beach MLS.
Fort Lauderdale was another real estate market that benefited from the change in the tax law. There was a significant increase in Luxury Home Sales in Fort Lauderdale. In 2017, Fort Lauderdale had 414 homes priced over one million dollars sold. In 2018, that went up to 542 homes sold in Fort Lauderdale over one million dollars. That is according to the Fort Lauderdale MLS. That is just over a 30% increase in the Fort Lauderdale Luxury Home Sale Market. Fort Lauderdale has always been and continues to be the main focal point of Broward County. Fort Lauderdale is known as the Venice of America due to its extensive water frontage and canal access.
Davie is a small town just west of Fort Lauderdale. This area attracts new homeowners due to its average property sizes. If you are looking for a home that does not have zero lot lines, then Davie is an area to start your search. The Luxury Home Market in Davie noticed a significant increase in sales over the past year. According to the MLS, Davie had a 36% increase in Luxury Home Sales from 2017 to 2018.
Hollywood is just south of Fort Lauderdale. Along the beachfront, Hollywood has had significant development over the past few years. Some of this development includes the newly constructed Margaritaville. Margaritaville was built right on the Ocean in Hollywood and has increased the tourism market this past year. This has fueled the Real Estate market in Hollywood resulting in an 8% increase in the Luxury Home Market according to the most recent MLS statistics.
The Overall Result of The Real Estate Market
As you can see the real estate market within Broward County continues to thrive. As I have discussed throughout this article the Luxury Market is growing despite other areas like Los Angeles and New York taking hits. Florida has no state income tax making it a lucrative move for the wealthy.
Not only has the Luxury Home Market seen a significant increase in these areas, but the real estate market in a whole has also benefited. Broward County has experienced a 4.2% increase in Real Estate sales from 2017 to 2018.
If you are looking in Broward County for the next big move, contact Gleason Realty to begin that search. The market today is fast moving and if you do not act quickly you can easily lose the home you set your heart on.