There are mixed data, analysis and feelings about the South Florida real estate market. On one hand, there are still far too many distressed properties out there and half of South Florida homeowners are underwater. Mortgage guidelines are still very tight and many potential property buyers can’t get financing, further shrinking the pool of available buyers. On the other hand, this week-end showcases the Florida-statewide Open House Week-end ( March 26 and 27 ), organized by the Florida Association of Realtors and state lawmakers, where 15,000 Florida properties have opened their doors to potential buyers, showcasing the largest open house event in the country, probably offering one of the best selections and low-priced homes ever. Thousands of potential buyers are expected to participate.
South Florida condos and homes are selling at a historic rate, especially in areas such as Sunny Isles Beach, Downtown Miami and the luxurious South of 5th area in Miami Beach. US and international investors are rushing in, paying cash to get one or several properties. The once enormous supply of homes for sale has reduced to half its size since 2008; which means that on average, South Florida properties are selling faster than they used to. Prices have also started increasing, especially for waterfront properties located from Sunny Isles to Bal Harbour and the South of 5th area.
It is indeed very important for the local real estate market to finally be recovering … As mentioned by The Miami Herald in an article published today and written by Toluse Olorunnipa: “The real estate industry is responsible for one out of every 10 jobs in Florida”.
The video below features a CNBC Realty Check program recently presented on TV. It specifies that South Florida condo sales have increased by 134% vs. a year ago, boosted by record low prices and a weak US dollar.
http://www.cnbc.com/id/15840232/?video=3000010386&play=1
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