MIAMI—The Federal Reserve on Thursday opted not to raise the federal funds rate because of the recent global financial turmoil. That means interest rates won't rise—at least not right now.

While the Fed signaled that rates would increase by year end, the statement was not as strong as many expected, Michael R. Torres, founding member of the Miami-based accounting firm PAAST, tells GlobeSt.com. That, he says, leads to uncertainty as to the timing and extent of any rate hike by year end.

“The combination of no current interest rate hike and uncertainty about future tax policy should be a short-term catalyst for the real estate industry,” Torres says. “The impact on the South Florida real estate market, both on the commercial and residential sector, is a dichotomy.”