It’s estimated that there were 27,000 condos built in South Florida between 2003 and 2007.
Since then property values have plummeted by between 40 and 50 percent.
Increase in sales this year
In February this year the rate of property sales in Florida increased by 29% compared
with the same time last year this is because investors are entering the market again and
are bringing to clear the backlog of cheap Florida property.
Cheap and much more affordable
This is because today cheap property for sale in Florida is much more affordable as its selling well
below what it sold for a few years ago, also mortgage rages are also below 5%,
so homes that were once beyond the reach of most people back then are now affordable again today.
According to Ralph De Martino, (Residential President of the realtor association)
“We see the prices going up and we see people being assured its okay to buy now,”
“Most of the foreclosures, when they come on the market, they’re sold in a matter of days.”
Also in Dade County Miami, the rate of condominium sales has increase by approx 84% and
also the number of condos sold state-wide rose by an estimated 24 percent year on year.
Yet the price of those condos fell by 11 percent compared with March 2010.
Last month, the number of single-family homes sold in Florida was up by 12% and
single family home prices in Miami rose by 58%.
Finance is also cheaper and more available
These days a 30-year fixed-rate mortgage is averaging at approx 4.91% now and financing
is clearly available with 33% of all sales in the last 12 months being financed,
this is compared to the other 67% of the market which is made up of cash buyers.
With an analysis of these signs combined it fair to say that signs are positive
for an imminent recovery in the Florida property market is and that house
prices will once again begin an eventual upward trend, where prices are up to 70 per
cent cheaper than they were during the peak of the market in 2007 its perhaps
now time to consider buying again.
We have properties for sale in Florida
We have an extensive range of cheap affordable properties for sale in Florida
These are available for you and we can advise you on the best property for whatever your purpose.
We can also arrange finance if required. Our experienced broker Justin Trapp has over
20 years in the Florida property market so you can be sure you are getting the best advice
when it comes to property for sale in Florida
Contacting Us
If you would like more information about this property, please complete our online inquiry
form or call us on 850-254-8760 or email info@florida-property-direct.com
