Miami-Dade and Broward Counties Real Estate on a Downward Spiral
Monday, January 30 2006 @ 03:41 PM UTC
Contributed by: Admin
Reports says that in South Florida housing market maybe in a stage of cooling off from it's former status. Home prices are dropping particularly in Miami-Dade and Broward counties. From November median price of $381,600, Miami-Dade County decrease to $377,700 in December, meanwhile in Broward County the median price of $391,100 declined $369,000. The numbers were released by Florida Association of Realtors last Wednesday. Researchers says that the sudden dip were cause probably by the hurricanes and the particular slow holiday season's after effects, another fact is that the sign of the market slowing is a conception of the time required to sell a property has increase, sources said.
There are no doubt that the market obviously drop, December alone prices were 27 percent higher and Broward has 22 percent climb compared to the market about a year ago.
Predictions that South Florida's home prices will probably have a single digit percentage price, as economists says it will vary on the mortgage rates that will most likely climb up, which is expected sooner.
President and CEO of the Keyes Co., Michael Pappas said that ''We are definitely seeing a shift in the marketplace,'' Pappas sells homes in familiar places like Miami-Dade and Broward counties, he predicts that this year a roughly 10 percent increase will be expected. he also adds ``I think we are moving into a more balanced, healthy market. This had been a market on steroids.'' the push will likely pressure the market more, trying to surpass expectations.
According to Ronald A. Shuffield, president of Esslinger Wooten Maxwell, the hurricane season really affected the prices having a decline from October up to last month.
''The market is like a drunk boxer,'' said Tom Flood of HomeBanc, he also adds ``Prices can't continue to go up or who is going to be able to afford to live here?'' Appreciation of the market is really being closely observe.
If the market will continue to slow down, it will somewhat to some extent drew investors away, South Florida which in the past years has been a hot market faces a downturn to it's market. Real Estate Property has been closely observed by the experts. A change of season is indeed needed to bolster it's market and be on the right track again like before.