The tropical city of Fort Lauderdale boasts of its beauty known as the Venice of America. Truly, the city is the pride of Broward County with its 23 miles of beach frontage that tourists flock to every year, whether for leisure or business events; and has been a famous tourist destination since the early 1970s.
The beauty of the Atlantic waters along with the sights and sounds of the city is enough to make everyone want to stay and settle. Fort Lauderdale has educational and medical facilities, as well as thriving retail and entertainment establishments that contribute to increased tourism activity.
Slow but sure economic growth
Despite the slump in the real estate market that gripped the entire country, Fort Lauderdale is showing signs of slow improvement, among others. It’s true that the foreclosure crisis, the rising number of foreclosures and the devaluation of the US dollar plunged the market to an all-time low, but the city has no plans to stay that way.
Although the local acquisition of real estate is still stagnant due to the high interest rates of different types of mortgages from different financial lenders in the city; but foreign acquisitions are known to be on the rise despite this problem. This is usually the case, since they are not affected by the devaluation of the national currency.
At the moment, economic growth can be seen throughout the city. Developers are now building high-rise condominiums, hotels, and other residential developers. Commerce is also thriving and is marked by new commercial projects such as new malls, boutiques, shops, cafes, restaurants, entertainment areas, etc.
Contribution of Tourism to the Improvement of the Real Estate Market
Tourism contributed to the growth of the real estate market in Fort Lauderdale. There has been a 33% growth in the real estate values of the city at the end of 2007; and many experts project that growth will continue this year.
At this time, development projects for new residential projects are underway. Such construction ranges from 2-story condominium units to high-rises found anywhere in the city. In addition, local and foreign developers in the city are looking at improvements and new apartment and townhouse projects.
It is true that the improvements made in Fort Lauderdale, both commercial and residential, are to cope with the increasing number of tourists who visit throughout the year. Condominiums are exceptionally famous for those people who want low-maintenance residential units during their stay. Condos are also a popular alternative to single-family homes and vacation retreats.
In truth, the fall of the real estate market is still present in the nation. Some cities hit less, and some are reeling from the shock wave of their passing. But despite these problems, Fort Lauderdale is on the mend and will continue to do so for months to come if the current boom holds up.
