South Florida second-home buyers fuel price hikes up the coast - 2004-03-20
Oceanfront property is becoming very expensive and crowded in South Florida that residents wanting a "piece of the beach" are turning to second homes elsewhere along Florida's coast.
Demographers, economists and real estate experts attribute the boom to the growth of wealthy households with no children, low mortgage rates, roller-coaster stock market returns and tax-law changes that eliminated penalties for homeowners trading down to smaller primary residences and using their equity for a second home.
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