Our very own, Rick Bell was invited to be an expert panelist at the Broward Custom Homebuilding & Luxury Residential Real Estate Panel on April 15th. This event invited leading professionals in the local industry to participate an in-depth discussion regarding perspectives on custom homebuilding trends, luxury real estate, residential lending and development in Broward County.
What’s going on in the Broward real estate?
Much insightful information was gathered from the panelists, including the direction that Broward’s luxury real estate is headed. As the market continues to steadily improve, many luxury custom homebuilders, including us here at Landmark Custom Homes, are investing more in spec homes. Spec homes in Southwest Ranches, an area that we heavily invest in, has spec homes ranging from four to six million.
Some of Broward’s growth is attributed to the skyrocketing prices in Miami-Dade County that’s slowly pushing buyers north. Broward offers homebuyers proximity to Miami-Dade that is close enough for a regular commute, with land at a reasonable price.
What’s trending in luxury homes?
Homeowners want their spaces to feel open. This is being created through a couple of different methods. Insulated glass panels that are the entire length of a wall are used to make spaces feel less constricted. By having an uninterrupted view of the outdoors it gives the illusion of having a space that’s twice its actual size.
Another trend that is alluding to the fact that current homebuyers are looking for more free-flowing space is the rise in open floor plans. That is the incorporation of great rooms and using fewer dividing walls in the common areas, such as the living room, family room, den, and kitchen. Of course, this isn’t a surprise to us, as we have already started incorporating this design trend in our latest spec homes, but it’s great to see that everyone is on the same track.
Who is buying in Broward?
Both, domestic and international homebuyers are purchasing in Broward. It used to be that athletes purchased 70-75 percent of the luxury custom homebuyers in the Broward area, but that is no longer the case. Now the homebuyer profiles include corporate executives, entrepreneurs, and cash buyers.
These buyers are not looking for short-term investment gains when they purchase these homes; they’re interested in holding on to the property for a length of time. This is something that is great for the community because it is aids the steady progression of real estate in any given area.
All in all, the panel event was quite successful. It was a great opportunity to sit down with peers and discuss the many facets of the luxury custom homebuilding in Broward County.
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