The Real Deal Miami

Coastal South Florida prices better

May 05, 2011 09:47AM

South Florida properties near the coast are holding their prices best,
according to a report from Miller Samuel, a New York-based property
appraisal firm. But distressed properties are dragging down the rest of
the region and making the market appear less attractive to potential
buyers, according to Vanessa Grout of Douglas Elliman Florida, which
commissioned the report. “With REOs, which are bank-owned properties,
these are deeply discounted properties that are priced to sell fast with
little or no due diligence and no financing,” she said. The coastal
market had 5,101 existing home sales in the first quarter of this year,
the highest total in five years, according to the report. [Miami
Herald]