Single-family and condo values in the tri-county area of South Florida are expected to surge by nearly $84 billion when the year officially ends, the Sun-Sentinel reported, citing Zillow.com. Miami-Dade, Broward and Palm Beach counties posted a cumulative gain of $49.5 billion in 2012. Before that, residential values declined for five consecutive years.
The combined value of tri-county area homes and condos in 2013 is about $647 billion, a year-over-year increase of nearly 15 percent.
Affordable prices and historically low mortgage rates stimulated sales activity. Heavy buyer demand drove values up. The pricing gains are expected to wane in 2014, however.
South Florida ranked fourth nationally in residential value increases, behind Los Angeles, San Francisco and New York. [Sun-Sentinel] — Eric Kalis