South Florida real estate makes a big comeback in the second half of 2012
South Florida real estate is making a huge comeback as some sellers found that their properties sold in less than a week after listing on the real estate market.
According to real estate data, the national market bottomed out in February 2012. National median home prices are now seen around $150,000, which is the same price level during 2004.
Of all the markets within the United States, the South Florida real estate market is among the most impressive, with its lowest point occurring in April 2011. That’s when properties within the area were offered to buyers in exchange for deals that people from all over the world certainly seized to take.
One of the best things about the deals that were made during that time is the fact that they are now worth more than what people had paid, meaning that people will already have made positive profits in just one year.
A perfect example would be condos in downtown Miami that were valued at around $290,000 today and were selling at the time for just $75,000. Imagine that for a return on your investment in just one year!
During April 2011, the median home price for South Florida real estate was $100,000. Now the value is $136,000, which marks a 36 percent increase in just one year. Of course, people will have to acknowledge the fact that the South Florida real estate market was among the few markets that suffered the worst since the crisis, which is one of the main reasons the appreciation has been so dramatic in the last months.
However, a 36 percent increase definitely shows that Miami is indeed one of the top comeback markets within the United States and the region’s prime location is definitely one of the main reasons for such a powerful comeback.
South Florida remains one of the most desirable places to live in the United States. Such a fabulous tropical climate and world-class beaches make it one of the best places on the planet. Furthermore, the fact that it serves to be an excellent location for companies from all over the world, particularly those looking to engage in activities that use the region’s main ports, makes it an international hub for many major companies.
If you would like more information on the current market situation, property availability, and other details about the South Florida real estate market, you can contact a professional agent for more information.