According to the Sun Sentinel, South Florida’s housing market settled back into more reliable investment options in 2014, and the trend should continue. Analysts expect the market to slowly strengthen during 2015 with the stable market giving a bit more home-buying power back to purchasers.
Meanwhile, South Florida’s real estate focus on upscale, luxury properties continues. One real estate agent told the newspaper that buyers can expect “a better crop” of new residential offerings this year.
Among the high-end residences will be Turnberry Associates’ new Turnberry Ocean Club in Sunny Isles Beach, Fla. The 52-story, ultra-luxury condominium tower, which will complement the nearby Turnberry Ocean Colony, is slated to launch sales early this year.
Turnberry Chairman and CEO Jeffrey Soffer says the 154-unit Turnberry Ocean Club will rise 649 feet above the Atlantic Ocean and redefine luxury living. Soffer adds prices will begin at more than $4 million and the tower will offer private club prestige along with stunning views of the Atlantic, Intracoastal Waterway and downtown Miami.
Coldwell Banker’s Terry Story said she expects higher home values will give owners back their equity, making them more likely to test the waters once again. Analyst Jack McCabe adds that mortgage money should also loosen in 2015, further fueling the growing interest in South Florida real estate.
Look for an interesting year ahead in the residential market.