Fort Lauderdale Real Estate – On the Road to Recovery

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The mortgage crisis that hit Florida greatly affected the real estate market of Fort Lauderdale. The U.S. currency devaluation made a huge impact on the economy of the city. The rising number of foreclosure is evidently seen as more and more individuals fail to pay their debts on the specified time; which further increased the number of unsold homes in Fort Lauderdale — much to the anguish of local real estate companies.

Even if the real estate market in Fort Lauderdale verges on the edge of collapse, the investors and developers in Accountant Fort Lauderdale city are still putting up a good fight as they look for ways and means to meet the demands of residential properties head on; despite the economic decline.

Tourism As Real Estate Solution

In truth, the demands of residential real estate properties in the city of Fort Lauderdale were never low. As many foreign visitors flock into the city each year, the popularity of the place as a tourist attraction pushed some of these visitors to settle down in the area.

The popularity of Fort Lauderdale as a tourist hotspot stems from its title as the Venice of America — well-known for its intricate canals and waterways that can be found anywhere around the city. Other attraction includes the beaches in surrounding areas, which is considered as one of the best in this side of Broward County; recreational facilities in the city, restaurants, pubs, and so on.

Taking Advantage Of The Currency Devaluation

Many foreign investors are now taking advantage of the U.S. dollar decline in their real estate acquisition. Considering that they are in no way affected by the devaluation, these individuals are known to be eyeing the lowering prices of the city’s real estate with growing interest.

Whether for residential use or as a long-term investment, foreign acquisition is currently on the rise as prime properties are judicially bought by wealthy foreign investors, like Canadians and Europeans, to set a foothold into the city. Aside from the luxurious condominiums around Fort Lauderdale, these foreign individuals are getting prime properties found beside the city’s waterways, beach front, townhouses, marinas, and so on.

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