What do most people think of when they think of South Florida? First off, there’s the weather. In south Florida, it’s typically warm year-round with average temperatures between 74-77 degrees, which makes it a wonderful place for people who love being outdoors. According to CBS Local Miami news, South Florida has seen a crush on new buyers during the pandemic. So much so, it has created a seller’s market with many getting top dollar for their properties. People from the Northeast in high-tax areas are prime targets to make South Florida their new home. The new tech scene and cybersecurity scene in South Florida are also attracting young people to consider a move to South Florida. There’s an influx of European and South American buyers. According to CBS Local Miami news, they’re all competing with local buyers who are moving from urban high rises to the suburbs.
As reported by Forbes, with an open economy, fewer masking requirements, relatively low COVID-19 case counts, a booming remote work scene, stable politics, and no state income tax, it would be easy to think that South Florida’s recent real estate boom could have been predicted. Like everything over the course of the pandemic, it all happened so fast. South Florida realtors and developers also have learned to be leery of the bubbles since they know what it’s like on the other side. Also cited by Forbes, South Florida’s real estate resurgence has all the signs of a boom that’s here to stay for a while as the country’s other major metropolises like Manhattan and San Francisco struggle with long-term re-pricing in the other direction.
With the real estate market on the rise in South Florida, Sharestates has seen more interest in real estate loans in the sunshine state. For example, Sharestates recently funded property in Boca Raton, FL. Boca Raton is a city on Florida’s southeast coast, known for its golf courses, parks, and beaches. With a multitude of amenities such as golf, tennis, racquetball, polo, swimming pools, spas, beaches, gyms, and restaurants, Boca Raton has been consistently highly ranked for fitness and leisure. Sharestates funded a private loan on a residential (1 unit) property. The borrower acquired the subject property as a “fix & flip”. Once rehab is complete, the borrower plans to sell the property. Here are some pictures of the property before and after renovation.
- Loan amount – $1,347,000
- Loan Purpose – Construction
- Property Type – Residential
- LTV – 70%
- Rehab Budget – $1,245,380
Another property that Sharestates recently funded is located in North Miami Beach, FL. North Miami Beach is strategically located midway between Miami and Ft. Lauderdale International Airport. Sharestates funded a private loan on a multi-family unit. Check out some of the stunning before and after renovation pictures.
- Loan amount – $760,000
- Loan Purpose – Bridge
- Property Type – Residential
- LTV – 80%
To learn more about Sharestates or inquire about funding your next real estate project please click below.