Real estate in Deerfield Beach has been on an upward trend for several years now and that trend continues to grow. The city’s population is growing at a rapid rate as well. In fact, it seems like every few months there are more people moving into the area than leaving it! It would seem that the residents of this community have finally found their place in the world after all these years of isolation from society.
This is not surprising, however, since many of the townspeople here were once outcasts themselves. They suffered through a long period of social ostracism before they eventually became part of the mainstream. Some even went so far as to move away from their hometowns altogether and live in secluded areas such as real estate Deerfield Beach where they could continue to hide from society’s eyes.
This was the case with some of the people who lived in the old GZS lab complex which had been converted into a retirement home. These folks didn’t want anyone to know about them and so they hid out in their own little world until one day when it seemed like everyone else left too. When that happened, they decided to take matters into their own hands and built a new life for themselves somewhere else.
How will the housing market affect by COVID-19 in South Florida?
With this dangerous virus continuing its rapid spread, the entire housing market could potentially crash in this area. Other areas of the state and country are not expected to see the same effects but in South Florida selling a house right now is almost impossible.
This isn’t just because of COVID-19 either. There are a number of other things that have been contributing to this situation and they can all be tied to one major issue: population. The population in South Florida is expanding too much for the area to handle effectively. Tourism is also causing a strain on the region’s resources as well. The problem is, most people aren’t going to see this until it’s too late. They’ll blame the virus rather than themselves and others for putting strain on their community in the first place.
Is there anything that can be done to stop or slow down the spread of COVID-19?
Unfortunately, no. Once it enters a community the virus has shown to be highly contagious and it’s only a matter of time before everyone exposed gets sick. At this point, there is no known cure. People can try to isolate the sick to slow down the spread but eventually, they’re going to have so many of them that they won’t have enough manpower to care for them all. When that happens, the death rate is going to increase dramatically.
Is the Real Estate in the Deerfield Beach housing market at the end of its upswing?
With the virus, possibly. Some insist that it makes no difference to them but the reality is quite different. The fact that people can’t sell or even buy a house anywhere in South Florida right now tells its own story. It’s not just Deerfield either; Miami, Boca Raton, Coral Springs, Pembroke Pines, Parkland, and Coconut Creek are just the area south of I-95. North of I-95 (highlighted in blue on the map), the news isn’t much better.
Other real estate markets in the state are not expected to be as affected by this since there is less tourism and people tend to live in those areas for the schools and other things rather than just for the purpose of retirement or escaping from the snow. Of course, nobody can say for sure what will happen until the virus starts running its course but we may very well be seeing a drop in living standards across most of the state.
Are you still considering moving to South Florida? Why?
If you are, make sure you’re doing it for the right reasons and don’t just jump on the packing bandwagon. As of now, there’s no reason to believe that this virus is going to spread any further north than South Florida and it may very well burn itself out. South Florida in general is going through a period of unrest and the last thing it needs is a mass exodus of people all trying to leave at the same time. Get your ducks in a row and make sure you’re making a solid decision before you decide to relocate.
Does this virus have other implications for the world?
It’s entirely likely that it could affect the entire world economy. When tourists stop traveling, it makes an impact. When people are afraid to travel, it makes an even bigger impact. If this virus can’t be contained, the entire state of Florida may enter a recession.
How would the real estate South Florida housing market in 1 – 2 years?
The market would crash in the southern most counties. There wouldn’t be many people wanting to buy a house in an area where people are dropping like flies from a virus. There would still be demand for houses in the northern areas of course but they would probably all be below average in price.
What about long term?
It would take several years for the region to get back on its feet again but if the virus can be contained or solved, that day will come eventually. If not, southern Florida is going to be known as the area that people used to flock to before they died there.
Other than the obvious health risks, would there be any property value issues?
In the short term, no. In the long term, who knows? If a cure or vaccine can be developed then property values should go back up again but if not, well it isn’t hard to guess what the outlook will be.
What does this mean for the world?
The virus would have to be extremely infectious and very deadly to affect the entire world but large-scale quarantines would have to be enacted or else the problem is going to spread like wildfire. Most people believe an outbreak of this size would probably cause a global pandemic.
Are you still moving to South Florida? Why?
I’ve already started selling off my property and plans to move are well underway. Besides, even if I did have any reservations about this, I’d still move because from here on out, where else in the world can I go that would be safer than South Florida? Nothing really.
In spite of the COVID 19 virus strike in the world, South Florida still the best destination for real estate investing. In fact, most real estate experts are saying that it is the safest place in the world from the virus. Let’s weigh out the facts, shall we… The virus doesn’t affect the elderly or children and generally, the people who have been infected so far have been young adults.
The elderly in South Florida don’t venture outside and most spend a lot of time at home so they’re pretty safe. Children, well they are also pretty safe as long as they don’t leave the house. Now you may be saying, what about the beaches, people go to the beaches all the time! Well according to our CDC (Center for Disease Control), no one has been reported scanning positive at any beach in South Florida yet. In fact, it’s actually illegal to be on public beaches right now.
Let’s face it, where else in the world are you going to be safe and make money off real estate? Not many places.
Besides property values that are already low, you can expect them to decrease even more as people realize how safe the area is from the virus. Let’s be honest here, people aren’t going to want to buy a house where everyone is dropping like flies right? On top of this, the local government is urging people to stay indoors which means no walking dogs, going for a jog or even hanging out on your front lawn.
That means no eye sore houses that are occupied and no eye sore houses that are abandoned.
So in conclusion, South Florida is the place to be my fellow economists!