When you put your home up for sale, one of the best ways to determine the asking price is to look at comparable sales. There’s rarely a perfect apples-to-apples comparison, so a pricing
Hardest Hit Areas See Highest Gains
Dated: August 19 2016
Views: 455
Areas hit hard by downturn now see highest gains
MIAMI – Aug. 18, 2016 – The markets hardest hit by the real estate downturn have been registering the sharpest increases in home prices for more than a year.
A decade after becoming the epicenter of the crash, Miami's property market is seeing the highest price jumps since 2006 – the peak of its last housing boom.
Several critical factors are separating this property rise in South Florida from the last one, however. Condominium buyers are putting up bigger deposits, for example – generally 50 percent of the purchase price, compared to 10 percent to 20 percent deposits during the last buildup.
Banks are also beginning to fund more projects in South Florida, but they're asking developers for a larger financial stake, typically a substantial level of pre-construction sales.
"People are calling this another boom in Miami, but this is different," says Gil Dezer, president of Dezer Development, which is developing the Residences by Armani/Casa project in Miami's Sunny Isles Beach in partnership with Related Group. "Today's buyers have learned from the last boom – and so have developers."
It's not just Miami. The same higher-price trend can be seen in Las Vegas and in parts of Arizona and California. In Phoenix, one of the U.S. cities hit hardest by the real estate crash, home values have risen 29 percent from their previous low point.
Source: Washington Post (DC) (08/18/16) McMullen, Troy
© Copyright 2016 INFORMATION, INC. Bethesda, MD (301) 215-4688
Latest Blog Posts
Real Estate Is Americans’ Preferred Long-Term Investment From Florida Realtors When asked about the best investment for 10-plus years, 31% picked real estate
Looking for a good deal on a Pinellas Property? Use that text code above, for a complete current list of Fixers.;
NAR: U.S. existing-home sales surge 11.8% in Feb.WASHINGTON – March 22, 2019 – Existing-home sales rebounded strongly in February, with the largest month-over-month gain since December 2015,
Copyright © MFRMLS.com All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in
