Miami Housing Bubble Concerns On the Rise

by Isaac Benmergui, Esq on March 21, 2013

Home SoldSouth Florida counties are posting double digit increases in home prices, raising concern for another Miami housing bubble burst. With a 20 percent increase recently reported in both Palm Beach and Broward counties what seems like good news, could turn into another downturn.

One phenomenon taking place in South Florida counties that isn’t occurring in any other housing market is bidding wars. This competitive bidding is substantially increasing the final selling price. Investors, foreign buyers and Florida residents can get very aggressive in their quest for the perfect piece of property.

As long as the shadow inventory of current foreclosures come to the market at a steady pace and are not dumped into the market all at once, the bubble may stabilize and not burst. As the Miami courts churn out hundreds of foreclosures a week, buyers and sellers will do well to keep an eye on market prices for signs of a fall.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

 

 

Previous post:

Next post: