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Residential property in Florida: Strike while it's hot

Previous posts on this blog have noted the sense of a generally improving real estate market in the nation, and especially in Florida. Recent data indicates that Broward County in particular, and South Florida overall, may be at the starting gates of what could turn into a rush for prime residential real estate.

The Miami Association of Realtors has reported that the median sales prices for condominiums and single-family homes in Broward County have risen since this time last year. Median sales prices throughout the state have done the same, and there does not seem to be any reason to doubt that the prices will continue to rise.

Perhaps the most eye-popping number reported was the 33 percent drop in inventory listings of residential property. That's right -- inventory of residential real estate in Broward County has dropped by a third in the last year. One the other hand, the nationwide inventory report cites recent increases.

These numbers indicate that this could be the perfect time to get into the Broward County real estate market, whether you are an investor or a potential homeowner. The data indicates that international buyers are taking notice of the opportunities, with 68 percent of all Broward County residential sales being made in cash. The reports state that almost 90 percent of international buyers have been using cash to purchase Florida property.

However, no matter the type of buyer or seller you are, it is important to prepare thoroughly before finalizing a deal.

As with most transactions, the devil is in the details with real estate agreements. Complications often abound. From offer to inspection and from acceptance to closing, minding the details is the key to a successful real estate purchase.

Source: World Property Channel, "Greater Ft. Lauderdale Home Prices Continue to Rise, Aided by International Cash Buyers," Michael Gerrity, March 27, 2012.

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