South florida real estate investment
The major development of South Florida began around the time of the War of Independence. The construction of the railroad to Miami was an important contribution. The region is bordered on the east by the Atlantic Ocean and the west by the Gulf of Mexico, both of which meet together at the south around the Florida Keys. The main cities to the north are Orlando, Tampa and St. Petersburg, along with towns like Sanford, Titusville, Kissimmee, Dade City, Brooksville and Inverness. Miami and Fort Lauderdale are the main cities on the south east and the everglades occupy the south and south west.
South Florida Real Estate
Barring a few exceptions, real estate conditions existing in the main cities of Miami, Tampa, Fort Lauderdale and Orlando reflect the general trend all over the South Florida region. As with the rest of the country, conditions are depressed mainly because of higher interest rates and the consequent rise in foreclosures on home loans. In one year this has increased by almost three times in Broward County and Palm Beach County. The Sarasota-Bradenton Metropolitan Statistical Area had an increase of about 5% in the number of units sold but a decrease of about 10% in the median price. Tallahassee had an increase of about 5% in the median price but a drop of about 18% in numbers. Positive factors in Orlando and neighboring areas have not helped in that region. The median sales price of single family homes in South Florida went down by about 5% from around $255,000 to $245,000. The sale of condominiums registered a drop of 25% to 30%.
Localities and Agents
In the Miami region prices are about $245,000 for 1 bed, $310,000 for 2 bed, $375,000 for 3 bed, and $485,000 for 4 bed. The overall average is about $390,000. The approximate prices of some of the available units are: 3 bed-2 bath single family home - $300,000 / 3 bed-2bath single family home - $320,000 / 4 bed-2 bath single family home - $370,000 / 5 bed-3 bath single family home - $490,000 / 3 bed-3 bath townhouse - $1,100,000 / 1 bed-1 bath condo - $300,000 / 2 bed-2 bath condo - $400,000 / 2 bed-2 bath Apartment-Condo Townhouse - $$365,000 / 3 bed-2 bath Apartment-Condo Townhouse - $240,000 / Multi-family home - $350,000.
Statistics for the Fort Lauderdale area are about $425,000 for 1 bed, $345,000 for 2 bed, $505,000 for 3 bed, and $850,000 for 4 bed. The overall average is about $480,000. Available units are approximately priced around $500,000 for 3 bed- 2 bath single family home / $650,000 for 2 bed-2 bath single family home / $275,000 for 2 bed-2 bath Apartment-Condo Townhouse / $1,975,000 for 4 bed-3 bath Townhouse / $1,270,000 for 2 bed-3 bath Townhouse / $2,150,000 for 4 bed-3 bath Townhouse.
In Tampa prices are around $145,000 for 1 bed, $180,000 for 2 bed, $255,000 for 3 bed and $450,000 for 4 bed. The overall average is around $270,000. Available units are priced around $235,000 for 2 bed-1 bath Single family Home / $260,000 for 3 bed-2 bath Single Family Home / $330,000 for 4 bed-2 bath Single Family Home / $485,000 for 4 bed-3 bath Single Family Home / $145,000 for 1 bed-1 bath Apartment-Condo Townhouse / $180,000 for 2 bed-1 bath Apartment-Condo Townhouse
Home prices in Orlando are around $210,000 for 1bed, $200,000 for 2 bed, $240,000 for 3 bed and $365,000 for 4 bed. The overall average is about $285,000. Prices for available units range around $140,000 for 2 bed-2 bath Single-Family Home / $365,000 for 3 bed-2 bath Single Family Home / $375,000 for 4 bed-3 bath Single Family Home / $400,000 for 4 bed-3 bath Single Family Home / $150,000 for Apartment-Condo Townhouse / $220,000 for 2 bed-2 bath Townhouse.
Conclusion
Most sellers are getting the asking price they have advertised. Some recent sales figures are given here: Single homes $59,000 / $900,000 / $ 1,700,000 ? 2 bed homes $160,000 / $165,000 / $175,000 ? 3 bed home $175,000 ? 5 bed home $275,000. At present it appears that prices are not likely to dip much further and buyers are ready to pick up attractive options. Foreign investors are taking advantage of the present market conditions and showing a keen interest in select areas. Prospective buyers should step in fast before the best homes are purchased by the early birds.
Other Articles
