The Real Deal Miami

Who are South Florida’s home buyers?

November 20, 2008 01:06PM

Falling home prices have created an opportunity for South
Florida home buyers, and the Sun-Sentinel looks at who is taking
advantage of market conditions. First-time buyers and retirees making
all-cash purchases are jumping in to
purchase real estate. Investors are also starting to purchase again,
but
instead of trying to flip properties quickly, they’re planning to live
in or rent
out their investment properties until the market recovers. An existing home in
Broward or Palm Beach County now typically sells for under $295,000,
the
lowest prices seen since spring of 2004. Condo units in the two
counties sell
for under $140,000.