By now our readers probably know that many of the real estate deals concluded in South Florida these days are all-cash agreements. But, what many people may not know is that this also applies to real estate transactions involving properties with sales prices over $1 million.
Anyone who has been a property owner in South Florida over the last 10 years or so has probably felt like they have been on quite a roller coaster. First, when the real estate "bubble" burst a few years back, home values plummeted to levels no one would have expected. It has been a long, slow climb back from those dark days, but most of the reports about the local real estate market over the last couple of years have been positive. Another recent report will add to that trend.
It seems that the near daily reports about how hot the South Florida real estate market has been for the last couple of years may not actually be matching the conditions on the ground. According to a recent report, the local condo market in particular took quite a hit over the winter months, with the number of real estate transactions for these properties diving to rates not seen in over three years.