22 Jun South Florida Growing, Thanks to International Market
Real estate in Miami, Florida is topping the American market, as stated by the Case-Shiller housing index. According to the recent reports, South Florida (Broward, Miami-Dade and Palm Beach) as a whole is experiencing a more productive rebound in the real estate market than other major cities. And according to David Lockhart, president and CEO of the Federal Reserve Bank of Atlanta, the upswing in the market is due to an infusion of foreign capital.
“The economy in South Florida has seen a resurgence in foreign spending, primarily on real estate and tourism,” explained Lockhart.
While the region has experienced much depression, with housing prices down 49 percent in six years as compared to the 33 percent national average, and unemployment only recently reaching below 10 percent, its resurrection is gaining attention. So much attention, in fact, that Moody’s issued a report on the week of June 6, 2012, noting that Miami-Dade led Florida’s largest counties in posting the first yearly growth in property tax rolls since 2007.
Furthermore, Palm Beach County home sales went up 10 percent in May, 2012. While median prices were down four percent from a year ago, sales of existing single-family homes in the region increased 10 percent. The May sales report released Thursday, June 21, by the Realtors Association of the Palm Beaches also reported a nine percent increase in condo and townhome sales from the past year.
Bonnie Lazar, president of the Realtors Association of the Palm Beaches described the South Florida real estate market with: “Although there are fewer properties available, people can find a good value…Properties that are ‘priced to sell’ move quickly.
The market is phenomenal for those who are ready to invest in a home located in a rebounding and regenerating region. South Florida is feeling the positive effects of international investments as well as immigrant property buyers from Canada, Europe, South America and Asia. A substantial proportion of international investors are involved with EB-5 investment visa programs. South Florida projects span from Miami to Jupiter, Florida and include multi-use facilities, commercial districts and technology centers, to name a few.
A predominant regional center, Florida Regional Center, located in Palm Beach Gardens, Florida, holds strong ties to the area’s development projects. Established as an agent of the 1990 Congress-approved EB-5 Regional Center Program, FRC works with foreign investors and their families to obtain visas and permanent residency in exchange for investments in community development and economy boosting campaigns. Florida Regional Center has helped to create Harbourside Place, a project that is expected to create over 2,400 jobs, Water Pointe Project, ESI Jupiter Technology Park Project and the Tequesta Village Center project.
If you are an international resident who is interested in relocating to the growing South Florida region, it may be in your best interest to seek the counsel of a representative from a Regional Center. The team of attorneys, contractors and negotiators at Florida Regional Center has strong ties with the South Florida community, and can help you and your family find ways to relocate to the area.
For more information on EB-5 Visas and the EB-5 Visa Program, to learn about Florida Regional Center or to speak with a representative from Florida Regional Center, visit visaeb-5.com.