Some knew it would happen, others didn't.
As any of our Broward County readers who have followed our previous posts knows by now, the South Florida area is one of the bright spots among the dim national housing market. Real estate transactions throughout the area are up, both in number and in sales price. In fact, real estate is so attractive in the South Florida region that a recent report detailed how investors from Europe are looking at the area as a means to place their funds outside of the current Eurozone crisis that is rocking financial markets worldwide.
As the country's economy continues on a sluggish pace toward recovery, many Americans, including those in South Florida, are looking for any positive sign pointing toward better conditions. The unemployment rate remains stagnant, and hopes of a swift end to the recent recession appear to be waning. However, a recent report offered one ray of hope for the housing market, as real estate transactions were reportedly up sharply in May.
The South Florida condo market has not experienced the same mini-boom that the single-family homes market has lately. Condo sales in the area have for the most part been in line with the ongoing residential real estate malaise that the rest of the country is enduring. However, recent reports indicate that the condo business is also set for a rebound, as growth was reported in the second quarter of 2012.