|
|
Broward County property values on the rise
by: ????
June 01, 2006
The real estate market may be cooling, but property values are still scorching hot in Broward County, where growth and new construction in older cities helped bump up the value of the tax base 19 percent.
The value of residential and commercial property in the county increased $25 billion from 2005 to $157 billion this year, according to preliminary numbers released Wednesday by Broward County Property Appraiser Lori Parrish.
The percentage growth marked the fifth year of double-digit growth and far outgained last year's 16 percent increase, Parrish said."The real estate market has finally stabilized", Parrish said, which is welcome news for prospective buyers and she added, ''The prices are still up there, but people have more choices.''
Redevelopment in older, eastern cities, such as Hallandale Beach, continued at a pace that rivaled the growth in newer suburbs, where developers are running out of land. The South Broward coastal city saw its tax base jump by $1 billion to $4.1 billion -- in part because of new high-rise waterfront condominiums.
The 4.5-square-mile city will only keep booming over the next year, with the addition of 64 acres of condos, stores and offices around Gulfstream Park racetrack. The city is also benefiting from its status as home to two of the four Broward gaming facilities that will get slot machines later this year.
Broward's largest city, Fort Lauderdale, which makes up nearly 18 percent of the county tax base, also posted huge gains in property value, adding more than $4.6 billion.
|
|
|
