This time of year many Montrealers are making their way down south to the sunny beaches of Florida. Each year, the snowbirds, as they’re commonly called, escape the cold Quebec winter in places like Fort Lauderdale, Miami, and Hallendale. With a healthy real estate market full of investment opportunities, many of these local travelers are opting to purchase property in Florida, rather than renting for their annual visits to the Sunshine State. That’s why after dominating the real estate market in Côte St-Luc, the Rozenblat Realty Group, a local mother-daughter broker team, have decided to dip their toes into the warm North Atlantic water.
“We have been following the market in South Florida closely since the recession in 2007 and have always wanted to get involved in the action of selling and bank repossessions,” said Anita Rozenblat. “We were recently presented with the opportunity to work in collaboration with the Jack Coden group from Keller Williams, so the timing just fit.”
Self-proclaimed opportunists, the team decided to partner with the top sales team in Miami, and have extended their business to South Florida, while maintaining their Montreal office, which they say will always be their top priority.
So just how healthy is the Florida market?
“Activity and prices are going up every year, so the longer people wait, the less profit there is to make when investing,” said Anita’s daughter Brittney Rozenblat. “The old saying buy low sell high is definitely the driving force for most Montrealers to invest their money in the South Florida market today.”
For many investors who already spend time in Florida on a regular basis, purchasing a property at this stage is a matter of common sense and opportune timing.
“We have had clients buying condos rather than renting because the renting fees can actually be exponentially higher than monthly payments on a mortgage or line of credit,” Brittney explained. “As Canadians, we are pretty blessed to have such a low interest rate, people are, and should be, taking advantage of that.”
For instance, Canadians from Montreal and Toronto have invested heavily in luxury vacation properties in Miami. The tropical climate and proximity to Canada makes this market extremely attractive to Canadians.
“In all, most of the clients we deal with are buying in Hallendale, Aventura, Sunny Isles, Bal Harbour and of course Miami Beach,” Anita said. “10 percent of all sales in Miami are to French speaking buyers.”
The communities set up around these Canadian concentrated Florida neighbourhoods are extremely impressive.
“There are depaneurs run by French-speaking people, TD banks, BMO banks, bagel shops and even a CLSC,” Anita said. “It’s a home away from home for Montrealers in many ways, just with a much nicer climate.”
The Rozenblat team says most of their Montreal clients are buying properties between $500,000 and $15 million, and many buyers are particularly interested in the Collins avenue strip from Hallendale down to Miami Beach.
“I believe those areas hold the best value since they’re conveniently located on either a beachfront or the Intercoastal,” Anita said. “The city of Miami also serves as a magnet for prestigious museums, restaurants, luxury shops, celebrities and night clubs; so buyers who purchase there are really looking to get in on the action.”
Another trend among current Canadian investors is buying bundles of properties, as opposed to just one unit for personal use.
“The deals are still so great that buyers are purchasing a condo for themselves and then another two or three as investment properties,” Brittney said. “There are also a lot of opportunities for land development.”
For instance, there is a significant amount of land available along the beach in Sunny Isles where investors can build a custom home or mansion, or buy into one of several new projects going up along the Collins strip.
“Some projects include the Regalia, which offers buyers an entire floor as their condo with 7000 square feet of living space and 360 degree views of Miami,” Anita said. “You can also opt for a contemporary condo across the street from Bal Harbour shops; everyone’s needs are different but there is definitely something for everyone in South Florida.”
With so many new projects going up, the Rozenblats says they believe South Florida is going to see a huge influx of foreign investors primarily from Russia, China and South America, during the next five years.
“I expect many new businesses and restaurants will open to accommodate the new international clientele and hopefully stimulate the US economy and even help with job creation,” Anita said. “Real Estate is such an important indicator of the economy; I only sees it going up from here, and as a team we’re very excited to be getting into that market at this time and hope to be there for many years to come, eventually even doing the same volume of sales as our Montreal business.”