Florida’s real estate market remains one of America’s most active ones. For this reason, investors may be curious about what the future holds for the Sunshine State’s property market. Here is a look at a couple of key trends for Florida real estate in 2024.
Condos and other types of real estate development
Florida houses 1.5 million condominium units, with nearly half being in Broward and Miami-Dade counties and most being over three decades old. With the state’s population growing, aging condominium buildings have emerged as key targets for buyers interested in redeveloping existing commercial properties. Escalating insurance and construction costs have contributed to this trend.
Another major trend in Florida real estate expected for 2024 is a push to create attainable and affordable housing opportunities following the enactment of the Live Local Act in 2023. The act provides tax credits and funding for housing development. This may allow more Florida workers, such as government employees and teachers, to live within the communities where they work.
How a real estate attorney can help
Figuring out the real estate purchase process can be challenging and intimidating given the competitive nature of Florida’s real estate market. Fortunately, a real estate attorney in Florida can help aspiring buyers execute their desired deals from start to finish. The attorney can collaborate with government regulators, lenders, lawyers for other stakeholders, title companies and property agents to ensure that every aspect of a property purchase goes smoothly. An attorney can also help accurately scrutinize or create a commercial lease agreement in Florida.