According to a recent article in the Sun-Sentinel, we may have reached the point of a "bottom" in the current real estate cycle. Zillow.com prepared a study for the Sun-Sentinel and the conclusion seems to be that we are at, or near, the price trough for the current housing cycle in Palm Beach County.
The study showed nearly half of the 43 communities in Palm Beach County posted double-digit price gains in October 2012 over the previous low price point in the current South Florida real estate housing market cycle.
Price increases off the "bottom" does not seem to be focused on one segment of the market; it seems to be a more broad "recovery." The study showed an increase in prices in, "exclusive waterfront enclaves and working class communities alike."
Single family home prices in Palm Beach County peaked at $421,500 in November 2005, according to the study. The article seems to indicate Zillow.com believes we began to come off the low in Palm Beach County prices during the past 12 - 18 months.
Although I agree we have seen improvements in the South Florida real estate market during the past year, I am still concerned about the potential for an increase in foreclosures in the coming year (2013). Lenders were slowed in pursuit of foreclosures from the "robo-signing" situation. I expect to see more foreclosures in the market during 2013 when compared with 2012; this could have a dampening effect on the market's continued climb in prices.
I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
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