Downtown Miami is enjoying a renaissance of sorts in the real estate market as condo sales boom after completely crashing in 2009. Now, cash is required and getting your hands on a stylish condo is getting tougher.
Despite a lagging economy, South Florida’s housing market continues to improve. The median price for an existing single-family home in Miami-Dade rose 5.8 percent to $185,000 in October from a year earlier.
Some good news for single family homes and condos in Miami-Dade County; sales saw a double digit jump in May.
The economic recovery may be years away from ending, but there have been some steady gains in South Florida and across the country that is giving some economists hope heading into the second quarter starting Sunday.
Home prices were up across the board in Miami-Dade and Broward counties in January. That’s according to the Miami Association of Realtors which said in January the average sales price for single-family homes in Miami-Dade increased 40.4 percent.
The numbers are out for Florida home sales in 2011, and the news is good for Miami-Dade. The once-stagnant real estate market is showing signs of vigor, as sales in Miami-Dade outpaced statewide numbers by more than 4 to 1.
America’s housing bubble went bust when the mortgage mess began.
Pending sales of existing homes and condos were up across the board in October in Miami-Dade and Broward counties, according to the Miami Association of Realtors.
Another setback for South Florida’s struggling housing market lies is just beneath the surface – thousands of homes that make up the so-called “shadow inventory.”
An index of home prices in big metro areas, including South Florida, has reached its lowest level since 2002, driven down by foreclosures, a glut of unsold homes and the reluctance or inability of many to buy.