‘Transformation’ in South Florida housing market is sustainable, Metrostudy economist says

Miami /
Apr.April 24, 2013 12:00 PM

As South Florida’s housing inventory shrinks, so does its vacant land, fueling a bidding war among builders and a rapid rise in construction costs and home prices, surveyor Metrostudy’s chief economist, Brad Hunter, said in an interview in the Sun-Sentinel.

“A complete transformation has occurred. Two years ago, buyers were holding back because prices were still falling, and now there is urgency to buy,” Hunter reportedly said.

To stay abreast of this “transformation,” Metrostudy researchers log 20,000 miles a quarter, driving through every active subdivision to count each new home, the newspaper reported.

The pace of recovery in South Florida’s housing market is sustainable because of more rigid mortgage lending requirements and less speculative buying, according to Hunter.

“We won’t get another bubble like we had before because those exotic, crazy mortgages don’t exist anymore…people are not buying for speculative reasons, so the new home market won’t get overbuilt. There is absolutely no danger in that,” the paper quoted Hunter as saying. [Sun-Sentinel]Emily Schmall


Related Articles

arrow_forward_ios
Clockwise from top left: One Sotheby’s Jorge Uribe, Compass' Ida Schwartz, Fortune International Group's Edgardo Defortuna and Royal Palm Companies' Dan Kodsi (Illustration by Kevin Rebong for The Real Deal)
Slowdown hits South Florida’s hot resi market: Here’s what that means
Slowdown hits South Florida’s hot resi market: Here’s what that means
(Illustration by The Real Deal with Getty Images)
South Florida’s June resi sales drop by double digits
South Florida’s June resi sales drop by double digits
(iStock/Illustration by The Real Deal)
Miami again ranks as nation’s least affordable housing market, followed by LA, NY
Miami again ranks as nation’s least affordable housing market, followed by LA, NY
US HUD Secretary Marcia Fudge (Getty, iStock)
A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis
A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis
Residential sales fall in Southern Florida
Residential sales fall in April across South Florida
Residential sales fall in April across South Florida
10061 Southwest 60th Court in Pinecrest with Dr. Robert DerHagopian (Google Maps, Miami Cancer Institute)
Miami breast cancer surgeon Robert DerHagopian sells Pinecrest house for $6M
Miami breast cancer surgeon Robert DerHagopian sells Pinecrest house for $6M
2621 Flamingo Drive in Miami Beach with Mike Hezemans and Rita and Roman Shukhman (Compass, Wikipedia, Getty, LinkedIn)
Pro race car drivers sell Miami Beach spec house for $10M
Pro race car drivers sell Miami Beach spec house for $10M
Michael Dorrell, co-founder and CEO, Stonepeak Infrastructure Partners, in front of 235 Solano Prado in Coral Gables (The Jill Zeder Group, LinkedIn/Michael Dorrell)
New York investment firm founder pays record $34M for waterfront Coral Gables teardown
New York investment firm founder pays record $34M for waterfront Coral Gables teardown
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...