Larry Singh, President, Broward-Miami Association of Realtors
In an interview with Invest:, Larry Singh, president of the Miami Association of Realtors, discussed the transformative changes shaping South Florida’s real estate market and how the association is addressing evolving market and regulatory dynamics. “2024 was transformative for Broward and Miami. It marked a period of resilience, adaptation, and innovation across our entire market, despite challenging conditions,” he noted.
What have been some of the most significant milestones and achievements for the association over the past 12 months?
Since 2024, I served as the president-elect, and I have been part of the association for a few years now, so I can provide insight into what we accomplished from this perspective. 2024 was transformative for Broward and Miami. It marked a period of resilience, adaptation, and innovation across our entire market, despite challenging conditions. The association continued to lead by supporting real estate professionals shaping the future of our industry. To answer your question directly, we addressed the new economic realities surrounding real estate. Interest rates remained higher than in previous years, posing challenges for some buyers. However, South Florida continued to see strong demand, particularly in the luxury and investment sectors. In Broward County, single-family homes maintained a steady pace, with total dollar amounts remaining robust. This demonstrates that buyers and sellers are still actively engaging in South Florida’s marketplace. The new dynamics reflect a broader shift in the real estate industry. We are seeing an increased reliance on technology, a greater focus on education and upskilling for agents, and continued demand from domestic and international buyers who view South Florida as a prime location for investment and relocation. Relocation is happening not just internationally but also nationally. As an association, we have worked tirelessly to provide our members with the tools and education needed to navigate these evolving market conditions. We launched new professional development incentives, advocated for policies supporting homeownership, and remained committed to strengthening our real estate community. Looking ahead, as I began my term as president this year, we see opportunities for growth and adaptation. We are focusing on embracing technology, fostering collaboration, and ensuring our members are well-positioned for any changes in market conditions.
What is your assessment of the Live Local Act and how is it impacting affordable housing development in South Florida?
The Live Local Act is centered on increasing density in areas where people live, work, and play. This initiative provides real opportunities, and our association has played a key role in equipping members with the services, information, and education needed to implement these changes. When it comes to the Live Local Act, creating new developments that accommodate more people is critical. Over 1,000 people move to Florida daily, and cities are taking initiatives to accommodate both long-time Floridians and new residents. This creativity in solving the challenges of migration has shaped our marketplace and opened significant opportunities. However, there have been issues with supply. The association’s reports highlight this challenge, and we are committed to addressing it. Our data-driven approach ensures that we provide actionable insights to our members and the broader community.
With regard to regulatory changes, what is the association keeping an eye on, and how are you helping members understand and prepare for these changes?
Let’s address the elephant in the room: condo reform and legislative changes. This is one of the most pressing issues in South Florida, particularly with new laws affecting structural inspections, reserve requirements, and affordability for owners. In January, the Miami Association, in conjunction with Broward, Miami, and other partners, hosted the 2025 Condo Summit. Over 300 realtors attended, along with industry leaders and policymakers, to discuss these changes and their impact. Our goal was to ensure realtors are well-informed so they can guide buyers, sellers, and investors through the evolving condo landscape. Additionally, the association not only provides information but also takes action. For instance, in 2024, we played a key role in reducing the commercial lease sales tax from 4.5% to 2%, effective June 2024. This change will provide an estimated $1 billion in tax relief for Florida employers. Such efforts demonstrate our commitment to making South Florida an attractive place to do business.
Regarding sustainability and resilience, how is the industry adapting to mitigate potential climate risks and enhance long-term value?
This is a critical issue, and it starts with looking at new construction in South Florida. From an association perspective, we have had several advocacy wins in recent years that tie directly into this. For instance, we have successfully pushed for local zoning reforms, permitted the use of non-conforming lots, and expedited permitting processes. A great example of this is the container home we built and sold in 2024. On the sustainability front, Miami Realtors built its new global headquarters last year, and it’s a LEED-certified green building, demonstrating that environmental impact can be mitigated when done correctly. South Florida has been proactive in adopting these practices because our region’s appeal, with the three main key attractions being sun, fun, and business, depends on protecting the environment. We must safeguard what makes South Florida so attractive to residents and investors alike.
How does the Miami Association of Realtors support its members?
One way is through keeping an open door. For instance, our CEO, Teresa King Kinney, always emphasizes that the building is there to support our membership. The top two floors are dedicated to giving back through education, seminars, and other resources. We host numerous events there, and it has become a hub for our community. It’s not just a green building anymore, it has transformed into a beautiful space that reflects our commitment to innovation and sustainability
Looking ahead, what are your top priorities for the association over the next couple of years?
Looking ahead, there are both challenges and opportunities to shape the future of real estate in South Florida. Our commitment is to stay ahead of market shifts, advocate for policies that support growth, and ensure our members are equipped for success. We anticipate a more balanced market in the coming years. While the past few years have been marked by rapid price increases and inventory shortages, we expect the market to stabilize as interest rates potentially ease and new inventory comes online. This will create a more level playing field for buyers and sellers, encouraging healthier transaction activity. Additionally, we are focused on continued economic growth, particularly through corporate relocations, which have been significant in recent years. South Florida’s business-friendly environment makes it an attractive destination for companies. We’re also investing in innovation, particularly in integrating new technologies like AI, which is rapidly changing customer expectations. Our association will continue to prioritize education, advocacy, and resources to ensure we lead the way in these areas. To sum it up, the future of real estate in South Florida is bright, but it will require agility, expertise, and vision. We are committed to seizing the opportunities these challenges present to drive South Florida’s success forward.
What are some key market trends that the Broward-Miami Association of Realtors has noticed for the South Florida market?
Fort Lauderdale was ranked No. 4 in the United States for the most cash transactions in 2024. Million-dollar condos saw a 20% increase in sales, and million-dollar home sales increased by over 27%. These numbers reflect the strong demand for South Florida real estate. Additionally, home prices in Broward County increased by 11.7% in 2024. While some media outlets may not highlight these figures, the data speaks for itself. South Florida continues to outperform national averages, and that is something we are incredibly proud of. This region is resilient, and impactful, and continues to attract investors and residents alike. It’s the greatest place to live, and I am proud to call it home.
