The glut of vacant commercial real estate during the nation's recent economic downturn was arguably just as troubling as residential foreclosures. Development deals stalled, and office buildings sat vacant with no tenants. But now it appears that South Florida may be ready to lead the nation on the path to recovery in both residential and commercial markets.
South Florida residents may have heard the term "shadow inventory" creeping into conversations more frequently in recent months. The term refers to the foreclosed homes that remain on the real estate market to be sold at a discounted price. Shadow inventory is good for buyers and bad for sellers.
As we've discussed previously, there are many indicators that residential real estate in South Florida -- and specifically in Broward County -- is beginning to surge forward while the rest of the country's housing market slowly bottoms out and recovers. In light of the good news about real estate in Broward County, a brief primer on how house hunters should prepare to enter the market seems only logical.
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.