Secondary Markets Prosper in 2019
It used to be that the gateway cities – New York, Washington, Los Angeles, among others – were by far the most desirable places to invest in real estate in the United States.
But this is beginning to change. As those real estate markets become saturated and young homebuyers look for more affordable property outside these hubs, the U.S.’s secondary markets will prosper. As well, the gateway markets no longer have the same monopoly over research institutions, innovation, and even arts and culture.
What Is a Secondary Market?
Gateway cities are characterized by their international populations, number, and quality of cultural and academic institutions, diverse economies, and for major airports or seaports. This means that, historically, the largest or capital cities were the main places to invest in property.
As with that of a gateway market, the definition of a secondary market is loose. Secondary markets are typically mid-sized cities that are experiencing new and significant growth. This might mean a growing population of young, educated professionals, a boom in certain sectors, a swelling technology sector, or usually a combination of them all.
Many Florida Cities Listed as Markets to Watch
As the prestige of these traditional cities dwindles and real estate prices peak, buyers look to secondary markets for their investments. Inland and southern U.S. markets will proper in the coming years, as east and west coast gateway cities lose their exclusivity. Secondary markets now have budding tech sectors, foodie districts, and cultural institutions that they didn’t have before.
Many Florida cities like Miami, Tampa, Orlando, and Jacksonville have already been named as secondary markets to watch in the coming years. Some predict these regional markets may even outperform the bigger international cities in the near future.
But smaller South Florida cities are also expected to do well in the coming years, as young people and first-time homebuyers move out of large urban centers, to smaller cities, towns, and suburbs in search of more space and amenities at a better price. A Fort Lauderdale real estate lawyer can help navigate one of these up-and-coming south Florida markets.
Buying or Investing
Whether you’re interested in buying a home or investing in commercial real estate, you’ve come to the right place. Fort Lauderdale is located just 45 minutes from Miami and has a thriving market for high-end, beachfront residential property. Be sure to talk to a South Florida luxury residential real estate attorney at Schecter Law before investing in a home or new development.