When people think of real estate transactions, they most likely think of the common purchase of a family home as a primary residence. But, while these types of real estate transactions have certainly been occurring at a breakneck pace in South Florida in recent months, there are other, more complicated real estate deals being put together throughout the local area. And, as many of our readers can probably tell by the number of condo towers they see popping up, getting approval for the construction of these condos is just such a detailed transaction.
Some of our readers may have heard by now that the resurgence of the residential real estate market in South Florida has been helped a great deal by foreign investors. It's not difficult to see why someone would be interested in investing in residential property in the local area, with the warm weather and engaging cultural scene. However, a recent report has indicated that U.S. residents are also buying heavily in the South Florida market, particularly in Miami-Dade County.
The world of residential real estate is changing rapidly in Florida and around the country. Since the housing bubble burst in 2008, many homeowners have been in a difficult situation. Many have been unable to sell their homes as they fight to make their mortgage payments. Floridians struggled with sinking home values, decreased interest from buyers and a larger number of houses on the market.
For months our South Florida readers have probably gotten used to seeing nothing but good news about the residential real estate market in the local area. Indeed, there has hardly been a month where the real estate data and figures gave anyone involved in the real estate market a reason to pause and think about any negative factors to consider. But, on the other hand, many of our readers probably also know that Florida was one of the states that was hit the hardest by the bursting of the so-called housing "bubble." So, perhaps it should come as no surprise that foreclosure actions are still a problem throughout the state - including in South Florida.
Many South Florida residents wade into the residential real estate market very carefully, ever mindful of the wide variety of complications that could pop up, from title issues, lack of disclosure and negotiating contract terms. But, one thing is clear: these issues are not stopping buyers from doing their best with what is available in the local real estate market.