Imagine that you work for the Broward County Commission. Write a recommendation report for Broward C
The latest statistics and facts relating to the residential real estate market indicate a growing gap between the limited supply of units and the surging demand (Bates,Giaccotto & Santerre, 2015; Smersh, Smith & Schwartz, 2003). In order for Broward County to fill the deficit, the county commission should institute measures for spurring rapid investment of a wide range of residential properties, particularly in areas where the demand has clearly outstripped demand. Some of the areas that require special attention in the renewed investment initiatives include Fort Lauderdale, Hollywood, Coral Springs, Deerfield Beach, Coconut Creek, and Weston. Naturally, the growth of residential real estate in the county as elsewhere in America depends on the availability of the land resource (Angjellari-Dajci, Cebula, Boylan & Borg, 2015).
Secondly, the country commission should divest more resources in revamping infrastructure and social amenities in places that seem overwhelmed by population pressure. The initiative should be based on the acknowledgement that the influx of people in the county has maintained an upward trend for a period spanning a decade (Dorsey & Rockwell, 2005). Essential amenities such as amusement parks, social halls, healthcare facilities, and educational facilities need urgent expansion in order to absorb the significant rise of population. Crucial to the growth of the residential real estate market will be the capacity of the county to reduce traffic pressure and increase parking spaces around the estates.
Lastly, the country should create special housing programs aimed at encouraging real estate investors to diversify the range of their property value. While it is laudable that the county features some of the most prestigious upscale residential properties, it is as important for the developers to construct low-cost residential units for sale, rent, or lease in order to cater for the low-income tenants (Renaud, Pasadilla & Pretorius, 1997). In the long-term, the country should focus on stabilizing the residential real estate market by conditioning the investors to focus on value and capacity in order to address the instabilities and consistencies that have imperiled overall growth.
Angjellari-Dajci, F., Cebula, R., Boylan, R., & Borg, R. (2015). Uncovering hidden industry linkages in northeast florida’s regional economy: The case for export expansion in florida’s fourth largest MSA. Journal of Regional Analysis & Policy, 45(2), 108-125.
Bates, L. J., Giaccotto, C., & Santerre, R. E. (2015). Is the real estate sector more responsive to economy-wide or housing market conditions? an exploratory analysis. Journal of Real Estate Finance and Economics, 51(4), 541-554.
Dorsey, M., & Rockwell, D. L. (2005). Financing residential real estate. Bellevue, WA: Rockwell Pub. Co.
Renaud, B., Pasadilla, B. O., & Pretorius, F. (1997). Markets at work: Dynamics of the residential real estate market in Hong Kong. Hong Kong: Hong Kong University Press.
Smersh, G. T., Smith, M. T., & Schwartz,Arthur L.,,Jr. (2003). Factors affecting residential property development patterns. The Journal of Real Estate Research, 25(1), 61-75.