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Fort Walton Beach Real Estate Law Blog

Home sales strong in residential real estate market in Florida

South Florida started off the year strong in the real estate sector, and the market is expected to continue flourishing as the spring season draws near. One specific part of the residential real estate market that saw robust growth was the market for home sales. On the contrary, the South Florida condo market saw somewhat of a dip in sales in January.

Sales of single-family houses showed sturdy growth during the month of January, while sales of condos and townhouses went in the opposite direction. The dip in the condo and townhouse arena was by a little more than 7 percent from last year. However, condo prices are still on an upswing; the media price for one condo/townhouse in South Florida increased by a little more than 5 percent, reaching over $144,000.

Commercial real estate market has positive outlook in Miami

The real estate market in Florida continues to remain hot at the start of the new year, but one area that is drawing special attention is the Miami-Dade region. The commercial real estate market in this area appears especially promising. The outlook regarding the region's market for office space, in particular, is positive, due in part to steady employment growth, as well as brand new office developments.

The average office vacancy in the area was actually expected to fall last year to just under 15 percent. However, this is still much higher than the average of a little over 10 percent cited before the recession that began in 2008. Commercial deals are possible today because Miami area is drawing a large amount of capital from investors who are well-informed about the market.

Florida commercial real estate market rebounding

During the Great Recession of 2008, the residential market plummeted throughout the United States, including in Florida. This, in turn, caused Florida's commercial real estate market to go south as well. However, the state's commercial market has since turned around and appears to be on a huge upswing.

Lending in the commercial real estate market crashed by a whopping 90 percent during the recession. As a result, commercial construction experienced a huge decline. Home sales also saw a decline after 2006 but not as much, only because lenders backed by the government received money to prop up residential sales in the midst of the housing market crisis.

Residential real estate home starts on rise in South Florida

Housing continues to draw interest in South Florida, where the number of housing starts has increased over the past couple of years. This is positive news for people who are interested in purchasing residential real estate property. It is also welcome news for home builders hoping to make sales and generate profits this spring.

The number of housing starts back in 2014 in Palm Beach County reached more than 2,000 -- an increase of 3 percent from the year 2013. Starts in Broward County increased by 7 percent to more than 1,190. These figures include duplexes, townhomes and single-family houses.

Florida features condo deals in residential real estate market

Imagine the possibility of purchasing a luxury condominium in South Florida complete with two bathrooms and two bedrooms overlooking a pristine golf course. Then imagine purchasing this slice of paradise for just $1. This is a possibility in today's Florida residential real estate market.

Multiple condos are currently listed for $1 to just $900 in the area of Palm Beach County. It may be appealing to those who want a winter getaway spot or simply wish to retire to a warmer climate in the near future. This is especially true because the condos are known to possess clear titles, be immediately habitable and clean, with the added bonus of not having unreasonable condo fees.

Residential real estate market thriving, drawing more agents

An increasing quantity of sales and rising prices are just a couple of signs that the real estate market in Florida is rejuvenated. Yet another sign of the success of Florida's residential real estate market is that more people are becoming real estate agents. The increase started in 2012 and has been growing since then.

Last year, more than 24,100 people were able to pass the Florida state licensing test to become sales associates. This was a jump of 36 percent from 2013, and it is the largest increase since 2009. Class sizes shrank drastically during the most recent recession, but they are bouncing during this period of recovery.

East Florida to see a burst in commercial real estate

In the central and eastern part of Florida, the real estate market is expected to heat up in 2015. People will likely see a huge growth in commercial real estate development, leading to extra office space and restaurants. In addition, more  medical facilities, retailers and boutique condominiums are expected to sprout up, specifically in the area of Brevard County.

Part of the reason for this real estate activity burst is relatively low interest rates, which may come to an end in the near future. Construction costs have also continued to stay competitive. Furthermore, lenders appear to be more open to financing projects now than they did in the years following the start of the Great Recession of 2008.

Florida commercial real estate market slated to grow in 2015

Industry researchers indicate that 2015 will likely be a promising year for South Florida's real estate market. The commercial real estate market, in particular, is slated to grow. Florida's gross domestic product was at a high at the end of 2014, revealing that the state's economy is relatively healthy compared with those of other states.

Retail sales in Florida are currently higher than the United States' average. In addition, tourism set records in 2014. The retail and multifamily sectors of Florida's real estate market are expected to perform strongly throughout the rest of this year as well.

Florida residential real estate appeal seems to be increasing

For those interested in buying properties in Florida, the new year appears to be promising. Several investors entered the state's residential real estate market years ago during the recession that began in 2008, but, now, price increases are beginning to slow down. As a result, investors are expected to soon begin selling off the homes they purchased in bulk during this period.

The average value of investment properties in Florida has risen by more than 20 percent since early 2012. Now, with prices stabilizing, institutional investors are expected to start marketing the dozens or even hundreds of homes they snatched up during the economic slowdown. While this is not a statewide expectation, it does seem to be occurring in multiple areas.

Residential real estate prices rise in 2014 in South Florida

Selling a home in South Florida this year has proved to be the most profitable it has been in recent years. This is because residential real estate prices have been increasing in this part of the state, thus enabling homeowners to finally escape burdensome mortgages. This may be good news for South Floridians who are interested in selling their homes in the near future.

In the fall of 2014, more than 43,000 homeowners had mortgages that were "underwater," meaning that the amount owed on a home was higher than the property's value. This was a decrease of a whopping 36 percent compared with the previous year. It is also a 60 percent decrease from the corresponding figure back in 2011.