South Florida Real Estate
South Florida Real Estate: High Priced Properties Moving Quickly
If you’ve been through any part of South Florida in the last few months, then you’ve seen the scene. It’s a wild show out there if you’re into real estate, as people are selling as quickly as they’re buying. All through Dade county and other surrounding counties, you can find the signs that signify a house up for sale. The numbers support what you might have thought, too. In fact, if you consider just the raw data, it’s staggering. Almost 60 homes per day were being sold just a few months ago, but it seems like buyers are looking for more specific property these days. The dichotomy of South Florida real estate is interesting to consider. While you might think that the market is sluggish based upon how many signs you see on the property of these homes, the numbers suggest otherwise. In fact, the numbers will tell you that almost 2,000 homes in South Florida were sold in the month of September. For those who aren’t familiar with real estate figures, that’s a very big number.
The buyers heading down to the coast to spend their hard earned dollars look like a fickle bunch, though. They aren’t just buying up any old property and fixing it up. Instead, they are looking for premium homes to go on their premium lots. Expensive condo sales have multiplied in the last few months, while expensive home sales are also high when compared to the rest of the market. Buyers want the high dollar property, it seems. The flipside of this minor expensive housing boom is somewhat disheartening for the entire market, though. Those homes that fall below the $1 million threshold, but are still relatively pricey just don’t seem to be selling anymore. Buyers are looking for value with big numbers, but they aren’t buying the homes that others might think are affordable.
The same goes for the lower end condos, as well. Though these properties are certainly very nice in their own right, they are competing directly with the million dollar buildings across the street. According to most market analysts, the problem is that the people who can afford the $300,000 condos can also afford the $1 million condos. Predictably, they’re electing to go with the more expensive version, right along the beach. What does this all mean for the market at large? Perhaps South Florida is about to realize what the rest of the nation has already had to come to terms with. South Florida real estate isn’t quite as hot as it was two years ago. For now, those people with the big money will continue to push forward, while the buyers with a little less spending power seem to be biding their time, while waiting for the prices to plummet.
Erena Stus
Miami Beach real estate broker