M Patrick Carroll is one of many speakers at a real estate event called “BisNow South Florida Deal Flow and Investment Strategies Summit.” Carroll has expertise in Multi-family housing and is the founder of a company called “CARROLL” M Patrick Carroll is the manager of over 30,000 properties throughout seven states. Throughout the summit, the growth of South Florida’s real estate market was discussed and lower tax rates fueled the growth. People in attendance also recognized that not all sectors of the real estate market were experiencing growth such as the hospitality property market. The growth in the hospitality property sector has been stymied by Covid-19.
At the summit, M Patrick Carroll predicted a trend of people moving back to the suburbs instead of moving into urban areas as seen when the Great Recession of 2008 ended. Carroll expects it will be an ongoing trend for a few years. M Patrick Carroll believes factors for motivating people to move to suburban areas begins with lower housing cost and having easy access to dining venues. Many people are finding suburban locations more appealing because the area offers good outdoor locations near their homes. With businesses choosing to utilize remote work as a way to lower operating costs, Carroll believes property owners will attract more people to their properties by having the technology for people to work remotely.
M Patrick Carroll understands the South Florida real estate has seen good growth, but it may not always see growth in the future. There are a few risks that will affect the growth such as an increase in interest rates and higher insurance rates. Carroll also believes the hurricane damage will be a factor to slow growth in the real estate markets of South Florida. Capitalization rates are down and adversely affecting the growth in the real estate markets in South Florida.
Learn more about Patrick: https://mpatrickcarroll.medium.com/