“After a spring break trip to Fort Lauderdale during his college years, Tom Prakas knew what he wanted to do: own nightclubs. He spent years running highly successful clubs and restaurants in Ohio, Georgia, and south Florida before the father of seven decided it was time for a change. He founded Prakas and Company in 1999, specializing in real estate deals for the hospitality industry. His company has brokered more than 450 sales and leases for some of the top restaurants in the hottest areas in south Florida–Atlantic Avenue, Las Olas, and Clematis. In this episode of The People of Palm Beach, the Delray Beach resident reveals why it seems some restaurant locations are jinxed, the new deals he’s working on, and his favorite restaurant in Palm Beach County that you’ve probably never heard of. Listen to why Tom Prakas is one of the most successful People of Palm Beach…
The strong commercial real estate market is one that Florida parades with pride. The market indicates a positive growth in 2019 for CRE, and here is why:
Business growth in the area
No personal income tax making it the 4th best tax climate in the US
Related: Why Switching to Commercial Real Estate Investing Is Smart
In any case, the Florida real estate market has a strong commercial real estate presence. This will continue growing in 2019 and 2020 if the political climate and foreign trade relations continue as is.
Foreign Real Estate Investors
Florida has been an attraction for international homebuyers for years. With Florida’s real estate market becoming more of an international destination for real estate, Florida is becoming a hub for foreign money as they view real estate investing in South Florida as lucrative and strong just as much as its counterparts in Los Angeles and New York State. Accordingly, the major selling point for this real estate market with foreign investors is its affordability when compared to other internationally-dominant US real estate markets.
With South Florida real estate, Canadian real estate investors are taking a large chunk of international investment in the area. This can be mainly attributed to the many Canadian companies opening branches in the Tri-county area in South Florida.
According to data from the National Association of Realtors, foreign investments in residential real estate properties in South Florida is made up of 46% of Latin American and Caribbean real estate investors.
As for the housing market predictions 2019 in Florida, foreign investors and their impact on the market may shift if President Trump imposes taxes on Canadian companies in the United States. Additionally, the fact that foreign investors’ interest in any city is strictly financial as they look at the return on investment of everything is an alarming trend. These foreign investors can just as easily shift to another state.