US, CANADIANS AND POMPANO BEACH: A TOURISM, CONDO DESTINATION
35: If you watched the video that accompanies this blog, you got a glimpse of what for generations has made Pompano Beach a popular destination for both tourists and residents alike. With the surf in the background and the wind coming off the Atlantic, it’s little wonder real estate in Fort Lauderdale and along popular areas like Las Olas from the boulevard to the beachfront have lured people for the ages.
People looking for real estate in Fort Lauderdale have found remarkable residences in neighborhoods like Lake Ridge, and Wilton Manors. Our name notwithstanding, the Gary Lanham Group at Coldwell Banker Fort Lauderdale Beach Office excels in other highly popular areas like Coral Ridge, Imperial Point, Coral Ridge Isles, and Oakland Park. And Pompano Beach has become one of the most sought-after beachfront property locations for people from the U.S. and Canada alike.
WHY POMPANO BEACH?
When looking for the right waterfront or beachfront condominium in South Florida, no place is more alluring than Pompano Beach. As coastal towns go, it’s the right neighborhood that creates a strong argument for investment and retirement planning.
Nestled among Broward County, Florida’s Blue Wave Certified beaches, Pompano Beach is unique among area Atlantic coastline. The Pompano Pier serves up world-class fishing to the anglers and sightseeing for tourists from around the world.
Entertainment thrives, with the Pompano Beach Amphitheater - or “The Amp” - brings music and theater performances that draws patrons eager for every genre. Restaurants from diners to four-star establishments serve every appetite.
Yet, beyond those wind, waves, and food and fare, Pompano Beach is home to some of the hottest properties in greater Fort Lauderdale. These “condos on the sand” are unlike any others anywhere. Beyond the development generations ago that turned the coast into homes, developers more recently have continued to build beautiful residences that have attracted local buyers, empty-nesters looking for beachfront living, and northerners hoping to escape wintry cold.
In the process, the city benefits from being a coastal gem.
And it shows. The city cares deeply about development. With well-managed growth, it is becoming a destination for dining, entertainment, and family.
CANADIANS AND POMPANO BEACH
When Pompano Beach was developed years ago, it brought an influx of Canadians. To be sure, visitors from New York, New Jersey, Connecticut, and other areas, flocked here - only increasing as the years passed. As far back as the 1950s and 1960s, Canadians were among those northerners escaping cold winters.
What helped their migration and purchases was a fluctuating dollar - both Canadian and American. There had been some historical fluctuation in the Canadian dollar versus the US dollar. But relative parity between the two currencies kept markets stable and travelers and buyers coming.
In 1962, the Canadian dollar was pegged at 92.5 cents on the US dollar.
As is often the case, then as now, changes in currency fluctuation came based on moods, government stability, oil supplies. Then in the 1970s, Canadian dollar achieved parity, or even increased in value and surpassed the dollar.
So for baby boomers, our grandparents who were looking to retire and move to Florida or the US. They were looking to buy. With rising Canadian dollar values, they could buy more real estate that would be an asset backed by an American economy or presence here.
This caused the beachfront to boom. construction boomed. Places like Pompano Beach soared - and are again.
FORT LAUDERDALE CONDOS AS “ASSETS”
As boomers’ parents and grandparents died, and boomers inherited those assets. Many kept them in the family, some sold them, and more recently, many are keeping condominiums to enjoy the “asset” and maximize it as a rental property. Rental can be done through online services, or Realtors who can both list and manage the rental property.
What’s more, the Canadian dollar stayed beneath the American dollar - that is, until 2007 2008, when the US economy dropped with the recession. This lit a fire under Canadian buyers. They arrived again to grab real estate at depressed prices. Now, with the Canadian dollar worth 75 cents on the US dollar, it positions the assets well for Canadian owners unlike almost any other international buyer.
The currency disparity has helped Canadians retain value of their money by having invested in a strong economy and an unparalleled real estate marketplace.
Now, whether a decade or a generation or many generations later, the children of baby boomers are having children. If you have a grandchild, there's this innate human instinct that drives the desire to be close to those grandchildren
A previous blog focused on asking yourself the right questions about how, whether, or where to buy or even finance your Fort Lauderdale home. Is this the right home for me? Is this the right house, the right neighborhood for me, even the right Realtor for me?
To find the right home, whether as an investment, for retirement planning, or estate appreciation and maximized valuation, these questions are critical. What we’ve found is, the right home, condominium, duplex, or triplex, whether as a primary residence, a vacation getaway, or a rental property, can help ensure enjoyment today and security in the future.
And if you find a property in a community known for beaches, restaurants, and entertainment - all with rising property values delivering the potential of strong returns for U.S. and foreign investors, what’s not to appreciate?
If you want to learn more about Pompano Beach or any other community in Greater Fort Lauderdale, give us a call. We’d like to show you the beauty of the beachfront.
Gary Lanham Group at Coldwell Banker Residential Real Estate is a boutique real estate organization offering sales, leasing, and brokerage services to the Greater Fort Lauderdale area. A listings agent matches home sellers with buyers and tenants with landlords. While Broward County is our universe, we focus on Coral Ridge Country Club, Oakland Park, Wilton Manors, Pompano Beach, and the surrounding areas. Call us today at 954) 695-6518 or visit www.GaryLanhamGroup.com.
WRITTEN BY GARY LANHAM
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