Mike Castleman is the founder and CEO of Metrostudy, which has been collecting United States housing data for many years. Mr. Castleman predicts there will be a shortage of homes in the US soon, which will lead to rising home prices.
Metrostudy aggregates data on the number of homes that are vacant and for sale and how long it takes to sell all of them in each of the cities on which it collects data. The company supplies the information to its client base in order to try and determine whether a market has a surplus or a shortage of new housing.
In the 41 cities Metrocity covers, about 78,000 houses are either vacant, for sale or under construction. The category reached a peak of 343,000 units in mid-2006. Mr. Castleman says that if we had normal levels of buying the current inventory would sell in 2 1/2 months. If this were to be the case, Mr. Castleman says there would be an "incredible shortage" of homes and he predicts "that's where we are headed."
I have found that the more desireable communities that I serve have continued to have a dearth of "distressed priced" homes; and those that happened to enter the market were snapped up quickly. I think it depends on the area in which you are seeking to buy or sell a home. Certain segments of the South Florida market have a narrow inventory level and have not experienced as big a price drop after the housing "bubble" burst.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me. Please text me your e-mail address to the number below and I will provide information requested.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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>
Showing posts with label Price. Show all posts
Showing posts with label Price. Show all posts
Monday, April 4, 2011
Sunday, January 9, 2011
Case-Shiller Index For October 2010: US Real Estate Market Showing Signs of a "Double Dip"?
The Case-Shiller Index for October 2010 showed some ominous signs for the US real estate market.
US home prices have shown a deceleration in annual growth rates for 18 of the 20 City Composites when comparing October 2010 with September 2010.
The news for the Florida market is showing sustained weakness when compared with the overall United States market. The Miami and Tampa composite housing prices have hit their lowest levels since 2006, which seems to indicate these markets have been weaker than the US composite as a whole.
On a year-over-year basis, home sales are down about 25% and the months' supply of unsold homes is up more than 50%. The US economy continued to be in a malaise during October 2010 and the unemployment rate continued to hover close to 10%.
Some data of interest:
October 2010 October/September September/August 1-Year Change (%)
Boston -1.2% -1.3% -0.2%
Miami -1.1% -1.2% -3.4%
New York -1.6% -0.5% -1.7%
Tampa -0.9% -0.8% -3.6%
Composite-10 -1.2% -0.6% 0.2%
Composite-20 -1.3% -0.8% -0.8%
With the economy not showing signs of job growth, continued uncertainty and tight credit markets, we suspect a tough slog for the US housing market as a whole.
When focusing on the South Florida market, the trends seem to be worse when compared with the nation as a whole. This is exacerbated by the higher level of distressed properties in the market as well as an economy largely based on construction and discretionary income spending.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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
US home prices have shown a deceleration in annual growth rates for 18 of the 20 City Composites when comparing October 2010 with September 2010.
The news for the Florida market is showing sustained weakness when compared with the overall United States market. The Miami and Tampa composite housing prices have hit their lowest levels since 2006, which seems to indicate these markets have been weaker than the US composite as a whole.
On a year-over-year basis, home sales are down about 25% and the months' supply of unsold homes is up more than 50%. The US economy continued to be in a malaise during October 2010 and the unemployment rate continued to hover close to 10%.
Some data of interest:
October 2010 October/September September/August 1-Year Change (%)
Boston -1.2% -1.3% -0.2%
Miami -1.1% -1.2% -3.4%
New York -1.6% -0.5% -1.7%
Tampa -0.9% -0.8% -3.6%
Composite-10 -1.2% -0.6% 0.2%
Composite-20 -1.3% -0.8% -0.8%
With the economy not showing signs of job growth, continued uncertainty and tight credit markets, we suspect a tough slog for the US housing market as a whole.
When focusing on the South Florida market, the trends seem to be worse when compared with the nation as a whole. This is exacerbated by the higher level of distressed properties in the market as well as an economy largely based on construction and discretionary income spending.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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
Tuesday, November 30, 2010
Case-Shiller Index For September 2010: US Real Estate Market Not Showing Robust Growth
The September 2010 Case-Schiller Index showed the slowest year-over-year growth for any month in the year. Property values rose only 0.6% for September 2010 over September 2009.
The two biggest factors seem to be over-supply of homes and the economy (i.e., almost 10% unemployment). The CEO of homebuilder D.R. Horton recently said he expects sales to remain weak in 2011. He said the company would adjust price points to demand (editors note: seems to be indicating price reductions).
Here's some information from Case-Shiller Index of interest:
============================================================
1-mo 3-mo 1-yr 2-yrs 3-yrs
earlier earlier earlier earlier earlier
============================================================
US Composite-20 -0.71% -0.34% 0.59% -8.75% -24.63%
New York -0.34% 1.01% -0.13% -8.91% -15.41%
Miami -1.24% -0.87% -2.71% -18.51% -41.65%
Boston -1.31% -0.98% 0.42% -2.92% -8.46%
Chicago -1.53% -0.11% -5.58% -15.61% -24.12%
The indications seem to be for continued pricing pressure in the near-term. As we stated earlier, we still believe there is potential for another 5% to 10% slide in home prices during the next 12 months in the South Florida real estate market.
If you are buying or selling a home, please feel free to contact me.
I have provided a link to a property search engine below where you can find and view listings. Contact me for more details on those listings and/or information in the area.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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
The two biggest factors seem to be over-supply of homes and the economy (i.e., almost 10% unemployment). The CEO of homebuilder D.R. Horton recently said he expects sales to remain weak in 2011. He said the company would adjust price points to demand (editors note: seems to be indicating price reductions).
Here's some information from Case-Shiller Index of interest:
============================================================
1-mo 3-mo 1-yr 2-yrs 3-yrs
earlier earlier earlier earlier earlier
============================================================
US Composite-20 -0.71% -0.34% 0.59% -8.75% -24.63%
New York -0.34% 1.01% -0.13% -8.91% -15.41%
Miami -1.24% -0.87% -2.71% -18.51% -41.65%
Boston -1.31% -0.98% 0.42% -2.92% -8.46%
Chicago -1.53% -0.11% -5.58% -15.61% -24.12%
The indications seem to be for continued pricing pressure in the near-term. As we stated earlier, we still believe there is potential for another 5% to 10% slide in home prices during the next 12 months in the South Florida real estate market.
If you are buying or selling a home, please feel free to contact me.
I have provided a link to a property search engine below where you can find and view listings. Contact me for more details on those listings and/or information in the area.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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
Wednesday, November 24, 2010
US: Jumbo Mortgage Loans Up; To Increase Sales Of Luxury / Country Club / Waterfront Real Estate In Delray Beach / Boca Raton, Florida?
Lenders wrote $18 billion in jumbo mortgages during 2Q 2010, which is up 20% sequentially. Some analysts feel this reflects a confidence the stability of the US real estate market on the higher end of the market. Jumbo loans are usually more than $417,000; as such, these mortgages tend to be for homes in the higher-end of the market.
These jumbo loans are considered more risky because they are not guaranteed by FHA, Fannie Mae or Freddie Mac because the amount is above the conforming limits set by these government-backed agencies. Could this mean the higher-end real estate market is set for a rebound in price?
Working with both buyers and sellers in the country club and luxury housing market in South Florida, I can attest to the fact that there are worries on both sides of the equation. The result is gridlock as there is in many other segments of the real estate market.
As a Realtor who specializes in luxury, waterfront and country club communities, I believe the higher-end market segment is beginning to show signs of increased movement. The recent increase in the amount of jumbo loans underwritten is another sign things are moving in a positive direction.
Those who want to sell their homes have more potential buyers due to the increase in loan activity. On the other side of the coin, those who would like to upgrade into, or upgrade within, the luxury market now have more financial flexibility at their disposal to do so.
With the apparent mitigation of lenders' anxiety in writing the riskier jumbo mortgages, I think it will give buyers and sellers more confidence in the upper-market housing segment. As a result, I expect to see more activity in the next year.
If you are buying or selling in a luxury home or country club community or looking for waterfront homes in South Florida, please feel free to contact me.
I have provided a link to a property search engine where you can find and view listings. Contact me for more details on those listings and/or information in the area.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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
These jumbo loans are considered more risky because they are not guaranteed by FHA, Fannie Mae or Freddie Mac because the amount is above the conforming limits set by these government-backed agencies. Could this mean the higher-end real estate market is set for a rebound in price?
Working with both buyers and sellers in the country club and luxury housing market in South Florida, I can attest to the fact that there are worries on both sides of the equation. The result is gridlock as there is in many other segments of the real estate market.
As a Realtor who specializes in luxury, waterfront and country club communities, I believe the higher-end market segment is beginning to show signs of increased movement. The recent increase in the amount of jumbo loans underwritten is another sign things are moving in a positive direction.
Those who want to sell their homes have more potential buyers due to the increase in loan activity. On the other side of the coin, those who would like to upgrade into, or upgrade within, the luxury market now have more financial flexibility at their disposal to do so.
With the apparent mitigation of lenders' anxiety in writing the riskier jumbo mortgages, I think it will give buyers and sellers more confidence in the upper-market housing segment. As a result, I expect to see more activity in the next year.
If you are buying or selling in a luxury home or country club community or looking for waterfront homes in South Florida, please feel free to contact me.
I have provided a link to a property search engine where you can find and view listings. Contact me for more details on those listings and/or information in the area.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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
Sunday, November 21, 2010
Predictions On Foreclosure and Short Sale Real Estate In Boca Raton, Florida
Executives at major US banks and real estate experts recently testified before the US Senate Banking Committee in Washington, DC about problems with the foreclosure process. Much of the recent problems stem from the litigation regarding the irregularities of the foreclosure process; prior pieces have discussed the issue in detail.
The Congressional Oversight Panel recently released a report predicting the potential problems in the foreclosure process could be significant. Greater disrputions than we've already experienced in the US housing market has been predicted as a possibility.
The current problem of lenders having to prove they own the mortgage loans is predicted to lead to a drop in foreclosure sales. The theory is the banks would favor short sales during this period of difficulty in actually foreclosing on homes.
Experts believe the delay in foreclosures will mean less price competition in the short-term and long-term a record high amount of bank foreclosures by mid-2011. The theory is that after the ligitation mess is worked out, the delayed foreclosures, and those that were in limbo because of the litigation, will all be worked out at the same time. Should that happen, one might expect to see US home prices fall yet again, as a new wave of lower-priced inventory enters the market.
As a Certified Distressed Property Expert (CDPE) and a Realtor, I can help both buyers and sellers navigate the ever changing distressed property landscape.
If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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
The Congressional Oversight Panel recently released a report predicting the potential problems in the foreclosure process could be significant. Greater disrputions than we've already experienced in the US housing market has been predicted as a possibility.
The current problem of lenders having to prove they own the mortgage loans is predicted to lead to a drop in foreclosure sales. The theory is the banks would favor short sales during this period of difficulty in actually foreclosing on homes.
Experts believe the delay in foreclosures will mean less price competition in the short-term and long-term a record high amount of bank foreclosures by mid-2011. The theory is that after the ligitation mess is worked out, the delayed foreclosures, and those that were in limbo because of the litigation, will all be worked out at the same time. Should that happen, one might expect to see US home prices fall yet again, as a new wave of lower-priced inventory enters the market.
As a Certified Distressed Property Expert (CDPE) and a Realtor, I can help both buyers and sellers navigate the ever changing distressed property landscape.
If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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
Wednesday, September 29, 2010
Florida's Broward County Median Home Prices Fall in August 2010
Florida's Broward County has seen median prices fall in August 2010 and some analysts think the trend could continue through the end of 2010.
Florida's Broward County posted 683 sales of existing homes in August 2010, down 5% on a sequential basis and 16% from August 2009.
The median single-family home price was $206,000 or 5% below August 2009.
The median price of a single-family home dropped 47% since the peak of $391,100 in November 2005.
What has been the main causes?
The high unemployment rate in Florida at double-digit rates, and an excess supply of homes with many foreclosures in the market.
Where do we go from here?
Zillow.com's chief economist said he'd be surprised if the South Florida region's home prices did not hit "bottom" in 2011.
I think it is important to watch the factors we have previously discussed in an article to get a sense of any particular real estate market (i.e., South Florida or Broward County).
Individual markets and submarkets are important to follow when you are looking to buy or sell a home. A person who understands these markets is very important when taking on a big decision, such as buying or selling a home.
If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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
Florida's Broward County posted 683 sales of existing homes in August 2010, down 5% on a sequential basis and 16% from August 2009.
The median single-family home price was $206,000 or 5% below August 2009.
The median price of a single-family home dropped 47% since the peak of $391,100 in November 2005.
What has been the main causes?
The high unemployment rate in Florida at double-digit rates, and an excess supply of homes with many foreclosures in the market.
Where do we go from here?
Zillow.com's chief economist said he'd be surprised if the South Florida region's home prices did not hit "bottom" in 2011.
I think it is important to watch the factors we have previously discussed in an article to get a sense of any particular real estate market (i.e., South Florida or Broward County).
Individual markets and submarkets are important to follow when you are looking to buy or sell a home. A person who understands these markets is very important when taking on a big decision, such as buying or selling a home.
If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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
Tuesday, July 20, 2010
Some South Florida Real Estate Markets Showing Signs Of Price Appreciation
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
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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