Tuesday, September 15, 2009

Boom to Bust! Great Deals on Miami Area Real Estate

Miami was one of the first real estate boom areas to start to bust, but that downturn is also bringing good news to potential investors in South Florida real estate. Prices in all areas of Miami-Dade and Broward counties have significantly dropped since the top of the real estate boom in 2006, through the second quarter of 2009.

At the same time that prices have dropped, foreign investments have helped to create some market stability not seen in other areas of the US. "While many factors have contributed to the decline in home sales in Florida, an increase in foreign home buyers has helped to decrease the amount of damage. Foreign buyers recognize U.S. real estate as a desirable, profitable and secure investment. Also, the weak U.S. dollar has made U.S., and particularly Florida, real estate investments even more attractive," according to Pensacola realtor Howard Liggett.

Liggett said that the National Association of Realtors, in cooperation with the Florida Association of Realtors, conducted a survey in August, 2008, of Florida Realtors, asking about their experiences in working with international clients. "More than one quarter of the Realtors had one property sale to an international client, while 15% reported two transactions within the past 12 months.... One-third of Florida Realtor respondents also noted an increasing share of their business coming from international buyers over the past two years."

The cliche "every problem is an opportunity" has never been more true! Will these prices go lower? Most likely not, based on the increasing pace of sales and declining inventory, coupled with continued local job growth as reported in local media. Today is a great time to buy your dream home in Florida!

No comments:

Post a Comment