Although previous posts here have covered the rebounding South Florida real estate market extensively, it appears that even though the area at large is a hot market, individual areas are doing better than some others. And with the inventory of residential real estate beginning to shrink dramatically, the price increases may continue.
When compared with the bottom-of-the-market prices some areas have seen in recent years, large jumps are coming in many areas. Wilton Manors, for instance, has seen a recent jump of 22.9 percent in the value of the area’s homes. Fort Lauderdale prices are up 14.3 percent and Weston values have jumped 17.1 percent. The median values in all of these areas are well above $200,000.
Although residential development may have an impact on prices and inventory in the coming months and years, the current situation appears to be a ripe seller’s market. The only downside, however, is that with the real estate market being in such a malaise for years now, many South Florida residents may have forgotten how difficult things can be even in a good market.
One report told of how a couple offered full price for a townhouse in North Lauderdale – and they did so in a letter directly to the seller explaining their reasons for specifically wanting that townhome. They did not get to buy the house – it was sold for a cash offer.
Whether a buyer or a seller, the quickly changing dynamics of the South Florida real estate market offer both hope and speed bumps. When a real estate closing is approaching, it is always a good idea to have all of the right information beforehand in order to come out with the best result.
Source: equities.com, “South Florida home prices rebounding,” Paul Owers, Dec. 2, 2012