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South Florida property values are seeing ‘incredible’ growth with hot housing market

Lisa J. Huriash, South Florida Sun Sentinel on

Published in Home and Consumer News

Why is there a hot housing market?

With more people working from home and reconsidering where they should live during the pandemic, many out-of-towners are scooping up homes across the region. Some of the growth is spurred by a “significant” number of newcomers who’ve moved to South Florida, Kiar said.

“It’s every single day,” he says of new residents who visit his office. “The people coming down and buying these properties are really driving these values to where they are at this time.”

The number of new homebuyers is called the “COVID surge,” said Bill Barringer, the county’s director of Real Property. “You’re getting all these people starting to flood in to cause these sales to possibly increase (prices and values) in these subdivisions.”

That’s for homes but not necessarily businesses, though.

Some offices are empty because people have been working from home. “We know retail took a big hit this year,” as people turned to online shopping, Barringer said. And there have been gyms that closed due to restrictions and those buildings are now empty.

 

“Commercial is on this big roller-coaster,” he said.

Broward Vice Mayor Michael Udine said he knows of people trying to capitalize on values and sell “because the property values have gone so astronomically through the roof,” he said. “The problem is there’s nowhere for them to go if they want to stay in Broward County.”

When am I getting my property tax notice?

South Floridians can expect to get their property tax notices by August.

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