South Florida’s Real Estate Slow Return to Normal

by Isaac Benmergui, Esq on April 22, 2012

New home and condo sales are up across the South Florida markets. Foreclosures and underwater mortgages no longer dominate the news headlines. Real estate agents are reporting that sales are getting back to normal as home prices are on the rise by as much as 26 percent in the Miami-Dade area.

Distressed Properties Could Slow or Halt Market Growth

The one event that could compromise the steady growth is the uptick in foreclosures that are keeping pace with the upward swing of the market. Moody’s predicts another 12 percent drop in property values as distressed homes in South Florida make their way through foreclosures. The brokerage firm, Condo Vultures, says bank repossession is hitting a high not seen since 2007 with 10,000 repossessions in the first three months of this year.

Distressed Properties a Great Bargain

The distressed properties make for great values for those people in the market for a home; distressed properties go for around $140,000, while the same home, non-distressed would go for $265,000.

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.

 Did the U.S. Treasury’s Ineffective Plan Slow Florida’s Real Estate Recovery?

Read yesterday’s blog to find out!

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