The number of properties sold and the average price of those properties increased in South Florida in 2018. Miami-Dade County alone reported sales of more than 3.5 million square feet of commercial property, which is the first time in history that the county sold that many properties.
Though the number of sales in Palm Beach decreased slightly, most counties in the southern portion of the state saw record increases. Broward County reported more real estate transactions than any other county in the state.
South Florida real estate agents sold a high number of commercial properties in 2018. This led to an increase in the valuations of those properties. Multifamily homes with enough space for two or more families have an average value of more than $230,000 per unit. The buyers of those homes can make money as they flip and sell the units or as they rent them to tenants. In the third quarter of 2018, the value of multifamily homes in Miami-Dade County rose to more than $544 million. Experts believe that these increases will only continue in the coming years.
Buying and selling commercial property is a popular way to invest and make money in Florida. However, many of these prospective buyers do not realize what they need to do to rent and sell buildings. They are responsible for the taxes assessed to those properties every year as well as the routine maintenance and upkeep required. That maintenance can include daily duties that property management companies cover and serious repairs such as installing a new roof. An attorney with experience in real estate law can provide assistance to prospective buyers and help them understand the process.