In an interview with Invest, Evan Seacat, Regional Managing Director in Franklin Street in Fort Lauderdale office, discussed the continued investment flowing into Broward County, as commercial opportunities remain relatively robust.
What is your assessment of the South Florida real estate market?
It has been an extremely hot market. In 2021, Franklin Street had our biggest year of revenue since we opened offices in South Florida 12 years ago. Following the housing boom, multifamily spaces have seen extraordinary growth from a sales and rental standpoint, with properties trading at historically high prices.
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Because we are seeing so many investors come from other parts of the country, there is limited product here right now and so the ability to sell these deals at record highs is going to continue in 2022 and beyond.
What are the trends driving growth in insurance sales?
Four years ago, the insurance industry hit an all-time low in price per unit. We had been seeing fewer natural disasters across the country, so new carriers entered the market providing coverage from different regions and everything became very competitive. Then, suddenly, a natural disaster happens, carriers are paying out enormous claims and they have to offset their reinsurance.
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The challenge is how to relay that message to buyers who have only been purchasing in the past few years, because all they have seen is rate growth.
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