Florida real estate has always been different than most states - booms and busts, foreclosures and fortunes. On one hand, tiny concrete-block homes with small yards and no garage that originally sold in the 1950s in Key Biscayne for about $10,000 are now selling for well over $1 million. However, Orlando golf resort condos near Disney World that sold like hotcakes in 2006 for close to $1 million are now lucky to fetch $300,000.
Just like politics, real estate is "local" and the home buying situation varies quite a bit in Florida. Are prices going up or down? Is now a good time to buy a home? Are there any condo bust deals left? Prices are very expensive in some areas but a bargain in other parts of the state. Home selling inventory can be high in one city, but very limited in the next town just a few miles down the road.
Most of Florida seems to be in another boom period. According to the National Association of Realtors, Florida's median home sale prices have increased for 31 consecutive months. Florida real estate attracts more international buyers that anywhere else in the United States, accounting for 23 percent of all U.S. foreign buyers, and is also attractive to investors, vacation home buyers and baby boomers who are reaching retirement age. According to the Sarasota Herald-Tribune, the price discounts that were widespread from 2009 to 2012 in Southwest Florida are almost gone. The newspaper points to rising demand and fewer listings causing the price increases.
South Florida is especially hot. Based on the latest Case-Shiller Home Price Index report, Continue reading>>> Today's Florida Real Estate Market – Boom or Bust? - Press Release - Digital Journal
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