Weston Home Values Defy Downward Trend
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MIAMI (CBSMiami) – While most homeowners across South Florida have seen their property values drop by as much as half in the last couple of years, one Broward city has bucked the trend.
In a recent Bloomberg Businessweek survey of 1,000 largest cities nationwide, the City of Weston landed in the top spot for largest gains in home values. The survey found that Weston has seen a 15.1 percent increase from February 2009 to August 2011.
According to city leaders, their “stay the course” philosophy has really paid off.
“This philosophy was enacted to stabilize the tax rate, minimize the use of reserves and maintain, even during lean economic times, the City infrastructure and service levels, to keep Weston as one of the most desirable municipalities in the region,” according to release from the city.
The Bloomberg Businessweek survey points out that the city’s population has grown about five percent in the last three years according the University of Florida’s Bureau of Economics and Business Research. The median home value in the city was $280,000 in August, according to Zillow.com’s Home Value Index ands of Aug. 31, the median sale price was $ 335,000.
This is not the first time the city has been recognized.
In 2006 Businessweek.com ranked Weston one of “Best Affordable Suburbs” in the U.S.