The recent real estate price reductions and favorable mortgage rates have helped bring buyers back into the market; this has driven prices up in some South Florida markets.
I think an overall real estate recovery will begin in the more desirable markets. Buyers with the ability to make a deal will get the most for the money in these neighborhoods. The trends will help spur those on the sidelines to make purchases; this will help end deflation in the real estate market, stabilize it and begin price movement upward.
A positive sign in regards to a real estate price rebound is the average price per square foot in one of the more desirable South Florida markets- Boca Raton, Florida. Despite Boca Raton's great lifestyle that includes beaches, museums, top-notch restaurants and world class shopping, housing was not immune to the "housing bubble." However, the average price per square foot of homes in Boca Raton increased 10.7% from May 2009 to May 2010. The number of homes sold increased by 3.2% and the median home sales price increased 5.0%.
Some home statistics in the Boca Raton, Florida market during March-May 2010 on a year-over-year basis are as follows:
The average price of all homes increased 2.8% to $205,000; this compares with $305,000 five years ago.
The average price of a four bedroom home rose 22.3% to $379,000; was $485,000 five years ago.
The average three bedroom home declined 5.7% to $226,000; five years ago was $333,700.
The average two bedroom home decreased 2.6% to $110,000; versus $210,000 five years ago.
The average one bedroom home increased 29.9% to 51,000; was $105,000 five years ago.
Now might be a good time to buy in the premier locations in South Florida. I recently sold a home in Palm Beach, Florida overlooking the ocean and the intracoastal waterways. My office has many real estate listings for buyers to look at all around South Florida. Sellers might want to list their homes given the more favorable outlook. The marketing power of Lang Realty and my expertise will be helpful in attracting as many potential buyers as possible.
Please feel free to contact me if you are a seller, buyer, renter, landlord, investor, etc.
Michael Friedman
Realtor, Certified Distressed Property Expert
Lang Realty
561-989-2100
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