Sales have been skyrocketing in the tri-county area of late, but prices
are still staying low. Despite a sales record that is stronger than most
in the country, South Florida’s home prices are actually falling faster
than the national average. “It’s an odd time,” said EWM President Ron
Shuffield. “We’re able to say we’re selling more homes and condos than
we’ve ever sold in history, but at the same time 61 percent of our sales
are short sales and foreclosures.” William Hardin, professor of real
estate and finance at FIU, said there was a “squeeze play” going on as
sellers are reluctant to part with their homes unless they have to. [Miami
Herald]
South Florida’s housing paradox
June 22, 2011 11:10AM
June 22, 2011 at 5:30 pm, Michael said:
As a busy Realtor also, I have to thank Marty for being more specific in his comment than to generalize all of South Florida …. Many areas of Fort Lauderdale, Pompano Beach Oakland Park and Wilton Manors have seen their prices go up. We’re no longer the fire sale that most buyers have heard
July 02, 2011 at 1:26 pm, Trix said:
Thanks for the isignht. It brings light into the dark!
June 23, 2011 at 9:23 am, bigstu said:
I am also a broker in the Hollywood Sunny Isles area.
Prices are down inland esp in Condos that do not allow for renting the first year.
On the beach it’s a different Story prices are up 20% in buildings on the beach. This is due to two factors.
1. With the change in the law last July Condos themselves are healthier and not about to go into receivership .
2. The lack of inventory due to the failure of the banks themselves to foreclose and then put the properties back on the market
June 23, 2011 at 11:09 am, Tuni said:
I agree with my fellow realtors. I sell on the beach in Sunny Isles,Hollywood, and Hallandale Beach area. Prices on the oceanfront buildings have appreciated and inventory is extremely tight. From what I am experiencing prices are going up on the beach and inventory is coming down.
July 01, 2011 at 10:14 pm, Kyanna said:
Knocked my socks off with knowldgee!
July 01, 2011 at 9:26 am, Stormy said:
Knocekd my socks off with knowledge!
June 22, 2011 at 5:00 pm, Marty said:
As a realtor who has been busy, the prices are down counting the forcloseures and short sales that are finally get sold. I see price going up on homes and townhomes built in 03-06. They shook out the weak owners, lots of short sales and now things are going higher. Delray Beach for instance, Mallory Square sold for $340K in March 2010. Know they are under contract for $400K.
thanks Marty