Who’s Snagging All the Home Bargains in South Florida?
Friday, December 19, 2008
First-time buyers are stepping forward, overjoyed at the idea of finally being able to afford places of their own. Retirees paying all cash also are getting into the game, yanking their money out of the volatile stock market and putting it back into real estate.
Even investors are returning to the closing table. They're not flipping properties for quick profits anymore. Instead, they plan to live in the homes or rent them out, at least until the market recovers.
A typical resell home in Broward and Palm Beach counties now sells for less than $295,000, a price not seen since spring 2004, according to the most recent data from the Florida Association of Realtors. Distressed properties sell for significantly less as desperate sellers and lenders slash prices to make quick sales.
Many existing condominium units are going for under $140,000, nearly 40 percent less than two years ago. Age-restricted communities are seeing growing interest in one-bedroom condos selling for less than $50,000.
Properties in the $100,000 to $250,000 range appear to be the most popular among buyers.
Despite the recent sales rise, South Florida's housing market is expected to remain soft into 2009 due to the slow economy and the large supply of homes for sale that will continue to drive down prices.
Even investors are returning to the closing table. They're not flipping properties for quick profits anymore. Instead, they plan to live in the homes or rent them out, at least until the market recovers.
A typical resell home in Broward and Palm Beach counties now sells for less than $295,000, a price not seen since spring 2004, according to the most recent data from the Florida Association of Realtors. Distressed properties sell for significantly less as desperate sellers and lenders slash prices to make quick sales.
Many existing condominium units are going for under $140,000, nearly 40 percent less than two years ago. Age-restricted communities are seeing growing interest in one-bedroom condos selling for less than $50,000.
Properties in the $100,000 to $250,000 range appear to be the most popular among buyers.
Despite the recent sales rise, South Florida's housing market is expected to remain soft into 2009 due to the slow economy and the large supply of homes for sale that will continue to drive down prices.
