Tri-county Area in South Florida Ranks Among Nation’s Best for Housing Recovery

by Isaac Benmergui, Esq on January 16, 2013

MiamiSouth Florida’s tri-counties of Miami-Dade, Broward and Palm Beach ranked among the nation’s best areas of housing recovery, according to a recent report from California brokerage ZipRealty.

When the housing bubble burst, South Florida was one of the country’s hardest-hit markets, but now it’s among the most improved. Drive through the downtown Miami area, and you’ll see several cranes dotting the skyline as more luxury condominium projects move toward completion. Miami-Dade County has seen a 20 percent increase in home prices.

The median price in Palm Beach County hit $169,000 in December, a 35-percent the highest ranking annual increase, according to the report. Broward County’s median price jumped 21 percent to $127,000, that ranked ninth nationwide.

At the crux of the housing bust, South Florida homes lost about half their value, but 2012 saw the market bounce back and straight an upward trend that hasn’t leveled off yet. Real estate brokers are enjoying bidding wars for the few properties available until more homeowners decide now is the time to sell.

Getting Legal Help

Whether your interests are commercial or personal, the law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.comfor more information or to set up an appointment today.

 

 

Previous post:

Next post: