In December 2012 Restore 818 relocated from the Los Angeles market to Fort Lauderdale to establish ourselves in what we believe will be one of the strongest and most rapidly appreciating markets in the US over the next decade. There were three primary reasons for such a significant relocation from one Coast to the other.
1. California has become increasingly oppressive of businesses with burdensome regulations, taxes and over-all anti-business slant from the State Government. California is experiencing a continuing population exodus. Florida is much the opposite, and as such possesses the strongest possible driver for rental demand and real estate appreciation – migration and population growth! In 2012 Florida was projected to surpass NY as the third most populous State by 2020. However, Florida’s growth is so strong that we achieved the ranking of third most populous State five years ahead of projections in 2015.
2. Florida’s economy has grown increasingly diverse over the past 20 years. Florida has become a magnet for business relocation with its business friendly environment. Once known as a retirement destination the employment base has become much more diverse with more and more people relocating here during their working years because of a focus on quality of life. And zero personal income tax doesn’t hurt in attracting skilled individuals as well.
3. Florida, and South Florida in particular, has many positive aspects directly related to a strong and strengthening real estate market over the next two decades. Florida laws are landlord friendly. Unlike some States who have passed laws slowing foreclosures creating a false sense of market strength, Florida legislature has stayed out of the way and allowed the courts to truly clear the market and create a solid base for future strength.
Most significant in South Florida is the fact that there is an extremely limited supply of land. The three counties making up South Florida (Miami-Dade, Broward and Palm Beach Counties) are all bordered by the Atlantic Ocean to the East and the Everglades to the West. Limited supply with steadily increasing demand provides a solid foundation for property appreciation and a strong rental market.
If you’re living in a State similar to California where it just doesn’t make sense to invest in real estate — whether it’s because of prices, laws slanted against landlords or the expectation of standard/average appreciation because of stagnant or declining population — the good thing is that Restore 818 is on the ground in South Florida to act on your behalf.
Learn more about your options investing in Real Estate in South Florida with Restore 818 Inc. — call us at 786-217-6733 or email invest@Restore818.com.