Florida market19 Jun 2012, by Market in
The market of luxury houses in Florida attracts more and more buyers and investors from Europe, Russia and China. The prices of the properties at top of the range fell furthermore of 25 % since the beginning of the financial crisis in 2006.
The market of apartments (condos) knew a real decline with tens of thousand apartments on sale near Miami Beach.
Bargains and luxury properties are now compatible. From 500 000€ townhouses in Miami Beach to building lands, Realtors have converted into bargains managers. The problem for local residents is this market is becoming inaccessible and more and more houses leaved unoccupied. Bankers and Realtors agree to say that prices will double in max 5 years, and maybe more.
We met Franck Leblond (Alton Road), who confirmed that prices are already strongly increasing from south beach to Fort Lauderdale, but real bargains are already becoming more and more rare. There were about 17000 properties for sale at the beginning of 2011, there were only 3000 at the end of January 2012.
“Douglas Yearley told CNBC last week the luxury housing builder had its best spring in five years, with the market for second homes in Florida particularly strong.”
“Demand is up, inventory is low and prices are rising.”
Source: Miami Herald