Questions: By Tean Wong; www.teanwong.com, Mon Sep 13 2010, 14:47
Is it still a good time to buy there? What do you see changing in FL market from last year?
Answer: By Matthew Jacocks, Tue Sep 14 2010, 07:25
I can not speak for all of Florida because I only work in Miami and the Miami real estate market does not follow the same trend as all of Florida. The Miami market is "night and day" compared to last year. In some areas the prices have started to rise because" normal" sales are closing, as opposed to REOs or Short Sales. I am speaking of neighborhoods where the starting homes prices are $350,000. International buyers are definitely driving the market, which is what makes the Miami market different from the rest of Florida. Most of the foreclosures have multiple offers and most short sales already have offers submitted to the bank. One aspect that is stalling the market from a faster recovery is the sellers which have their properties listed for 1 or 2 years due to overpricing. The sellers can not or will not take the same loss as a bank, therefore that inventory has become stagnant. So basically, buyers and sellers are having a standoff on defining the normal market value; but sellers are slowly facing reality and now sometimes buyers meet them halfway. The opportunity is in the purchase of a waterfront condo or home, because unlike Dubai, Miami can not create any more waterfront land.
Is it still a good time to buy there? What do you see changing in FL market from last year?
Answer: By Matthew Jacocks, Tue Sep 14 2010, 07:25
I can not speak for all of Florida because I only work in Miami and the Miami real estate market does not follow the same trend as all of Florida. The Miami market is "night and day" compared to last year. In some areas the prices have started to rise because" normal" sales are closing, as opposed to REOs or Short Sales. I am speaking of neighborhoods where the starting homes prices are $350,000. International buyers are definitely driving the market, which is what makes the Miami market different from the rest of Florida. Most of the foreclosures have multiple offers and most short sales already have offers submitted to the bank. One aspect that is stalling the market from a faster recovery is the sellers which have their properties listed for 1 or 2 years due to overpricing. The sellers can not or will not take the same loss as a bank, therefore that inventory has become stagnant. So basically, buyers and sellers are having a standoff on defining the normal market value; but sellers are slowly facing reality and now sometimes buyers meet them halfway. The opportunity is in the purchase of a waterfront condo or home, because unlike Dubai, Miami can not create any more waterfront land.
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