Once again, property values in Broward County are on the rise. Last year saw an 8.8% increase in taxable property value, with new construction valued at a combined $3.3 billion, according to a new county report that includes the growth of individual cities such as Fort Lauderdale and Hollywood. The previous year saw double-digit growth of 11.2%.
Hollywood Leads with a 9.2% Increase in Taxable Property Value
But Walter Duke, a private-practice real estate appraiser, cautioned that such growth can be a “double-edged sword,” saying that residents with low-interest-rate mortgages or those who already outright own a home are “sitting pretty” while younger people looking to save for a home may be at a disadvantage because of housing prices, expensive insurance and interest rates, on top of higher property taxes.
“I think that’s just sort of the flip side of the positive aspects of good organic growth … is the fact that it just becomes a little bit more expensive in an area that already has its challenges with regard to housing affordability and workforce housing and whatnot,” said Duke, a former Dania Beach mayor.
Fort Lauderdale’s Downtown Development Boosts City’s Property Value
Fort Lauderdale’s growth is part of a resurgence in development of eastern cities, including Hollywood, Oakland Park and Pompano Beach, Morejon said. Duke agreed, saying that growth in the 1960s, ‘70s and ‘80s began east and worked its way out west, noting that Broward is landlocked by the Everglades.
Challenges and Opportunities in Broward County’s Real Estate Market
“We’re really built out in Broward County. We’re out of land — there’s not really a situation, other than a couple of small remaining farms, where we can build acres and acres of residential single-family subdivisions,” said Duke.
From the Miami Herald.