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South Florida’s pandemic-powered real estate market ready for bull run to continue in 2021

South Florida Real Estate Market

South Florida’s pandemic-powered real estate market ready for bull run to continue in 2021

Real estate brokers expect overflow into luxury real estate market one year from now.

Around this time last December, real estate specialists and developers anticipated that deals should downshift as the market for single-family homes and apartment cooled. Furthermore, when the Covid spread rapidly from the Northeast U.S. to the Sun Belt toward the beginning of March, the nearby real estate industry prepared itself for a calamitous aftermath.

At that point a wild pattern started to come to fruition. High net worth, including a few unmistakable VIPs, in New York and different states under stricter government lockdowns, started escaping to the less prohibitive limits of the Sunshine State.

Since the late-spring, the real estate market has boomed. In November, all out home deals came to almost $4.3 billion across Miami-Dade, Broward and Palm Beach areas, as per the Miami Association of Realtors. Deals dollar volume of single-family homes drove the way, spiking by in excess of 50% in every region in November contrasted with similar period in 2019 when land specialists anticipated a lull.

The energy will impel the real estate market deals in 2021 as the current cycle enters the extension stage…

     

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