South Florida Home Prices To Hit Bottom in 2012

By
Real Estate Agent with International Properties and Investments LLC
http://actvra.in/qpr

South Florida Home Prices To Hit Bottom in 2012 

Six years after the housing collapse here in South Florida there is a predicted light at the end of the tunnel. Time goes by very fast. It seems like just yesterday we were watching home prices fall by over 50% in many parts of South Florida- in Palm Beach County, Broward County and Miami Dade County and up to St Lucie County along the Treasure Coast. 

Here we are six years later and prices are beginning to stabilize. That is a long free fall! Moody's Analytics projects that in the next 10 to 15 months we will see the bottom of the fall. 

It is not going to be some housing boom especially not the likes of what we have seen in 2003, 2004 and to the middle of 2005 when the prices peaked.

This is all about median also. So bear that in mind. That means there are areas that will see a faster rise and others a slower upswing. There are condos on the waterfront in South Beach in Miami that already have risen by 25% but yet down the street into North Miami Beach off the waterfront sellers can not give their condos away. So it is all relative to your exact market.

Here in Wellington the prices for most properties and subdivisions are beginning to stabilize. Near 60% of all our sales are ALL CASH closings. The lower end properties sell to first time homebuyers or investors. The equestrian high end has always sold to those serious about moving their horses here to our great climate.

But there are areas all around us that are not fairing as well. 

Some of the banks are not as positive in the outlook because they say there are still too many foreclosures in the courts and too many people behind in their payments and too many bank owned properties that still have yet to be put on the market. 

Unemployment rates, tougher lending rules, harder to get a mortage regulations and more fees on mortgages will slow down the process of recovery as well. 

New home construction is starting again so if you are in the market for a new home now may be a good time to buy one. 

  Rates are still low. Interest rates for mortgages are still at record lows so if you can get a mortgage now is a great time to do so. 

Sellers who are not doing short sales and who are not in foreclosure will have the upper hand and some leverage as me move into 2012. Most likely we will continue to see bidding wars on non stressed properties. This is good news for sellers who don't want to wait until all their equity lost decides to come back. 

There are over 371,000 open foreclosure cases in the state of Florida. Palm Beach, Broward and Miami/Dade counties have about 100,000 of those cases. 

So we are not in a free fall any longer but still have a long ways to go to get out of this mess. 

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Topic:
ActiveRain Community
Location:
Florida Palm Beach County Wellington
Groups:
2011 December 31 Day Posting Challenge Group
All Things Florida
Local Expert
Posts to Localism
Short Sales and Foreclosure Resource
Tags:
south florida home prices
wellington home prices

Comments 15 New Comment

Rainmaker
127,313
Faye Taylor
Faye Taylor

Those figures are disheartening.  We have not seen that type of drops here due to our heathly economic climate.   But there still is a fair amount of short sales and foreclosures now compared to 2 years ago. 

Hopefully you will stablize soon.

December 30, 2011 06:15 PM
Rainmaker
814,556
Fred Carver
Accredited Victoria Real Estate Consultant
Re/Max Camosun Real Estate

Christmas has Passed …..Wow it went by FastThis Year.

Thank You for being Part of My Life in the RAIN !

I Would Like To Wish You  and Your Family The Very Best Ever Year in 2012 !!!

December 30, 2011 11:59 PM
Ambassador
1,652,736
Barbara-Jo Roberts Berberi
Palm Harbor Florida Residential Real Estate
Charles Rutenberg Realty

Wishing you a fantastic New Year's Eve and a 2012 that is extremely prosperous!

December 31, 2011 10:16 AM
Rainmaker
484,201
Curtis Van Carter
Napa Valley's Broker Extraordinaire in Yountville
Coldwell Banker Brokers ofthe Valley, Yountville Napa Valley

Hi

Just wanted to wish you a Happy New Year and great 2012. Also, thanks for all you do for others here on AR. cheers cvc

December 31, 2011 12:34 PM
Rainmaker
940,012
Kathy Clulow
CNE - ASP - SRES .... Uxbridge Ontario Real Estate
RE/MAX All-Stars Realty Inc. Brokerage

Nestor and Katerina - Nice to see some good news for the real estate market for a change

 

From Our House To Yours - Happy New Year

 

Happy New Year

 

In 2012 I would Challenge each and everyone to reach out and touch someone be it as close as a neighbour going through a hard time to some one half way around the world. It does not matter if you donate to a local food bank, or travel halfway around the world to offer aid or assistance. If we all did Just One Thing To Make Someones New Year A Little Better A Little Brighter the world would be better for it and so would we. In today's global world with its instant communication of disaster and distress how can we not reach out.

Make This A Happy New Year For Someone Else.

December 31, 2011 12:53 PM
Ambassador
1,775,233

Nestor & Katerina Gasset

Realtors, Wellington Florida Homes For Sale
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Wellington Florida Real Estate Blog By Katerina Gasset of International Properties & Investments, Inc. is a Great Place For Real Estate Agents and Potential Buyers and Sellers to get to know more about Wellington Florida as well as other parts of Palm Beach County.

 

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