Despite of the recession, real estate in South Florida is enjoying the boom period in 2nd half of this year. A number of sellers were able to sell their properties for good money within just seven days. Real estate data shows that the national market reached the bottom in Feb, and average price of houses is just around a hundred and fifty thousand dollars, which is equal to the prices of 2004. Prices depend upon a number of reasons, and two of them are interest rates and governmental influence. A decrease in interest rates leads to increase in property prices. The government can promote property in a <!–more–>particular region by providing more facilities and attracting foreign investment.
Real Estate Prices in South Florida
Among all real estate markets in the U.S, South Florida has shown the most impressive figures with the lowest point in April last year. During that period, people from foreign countries showed interest and properties were sold for cheap. People that made investments in April last year can easily sell their properties for good profits now. It is difficult to earn good profit on a property within a year. A perfect example is of the Downtown Miami Condos which have a value of around $290,000 right now, but were previously sold for just $75,000. This clearly shows the profits people have earned within a year, but this example should not be considered for price increment of all the properties.
Current Trends in South Florida
Median home prices in South Florida during April 2011 were a hundred thousand dollars, and the current price is a hundred and thirty six thousand dollars. So, generally speaking, there is a thirty six percent increase in prices of houses. It must be acknowledged that real estate in South Florida witnessed the worst crash, which is one of the reasons for the quick appreciation of property during the past couple of months. Thirty six percent increase in median prices is a clear proof that Miami is among the top comeback real estate markets in the whole country.
Reasons for Quick Price Appreciation
Another reason for quick price appreciation is the prime location of the region. South Fl is counted among the most desired locations residential and business locations in the United States of America. The sub-tropical climate and miles long clean beaches make it a wonderful place to live in. South Fl is also important from business point of view, as tourism and port related businesses are highly successful. Several multi-national companies’ trade on the ports of South Fl and that creates job opportunities for locals. Beaches of Miami have achieved the status of international tourist spots, which is why the properties on these beaches are pretty expensive.
Luxury condos present in the state are important from investment point of view. Three of the most popular places for luxury condos are Bal Harbor, Sunny Isles, and the South Beach. Bal Harbor is located in northern section of the barrier island called Miami Beach. Sunny Isles has numerous impressive condos lined up on the white sandy beach just as if precious gems lie right by the ocean. South Beach is another great place to find luxury condos. This area has easy approach to numerous facilities such as shopping malls, restaurants, and recreational facilities. Overall, there are numerous real estate investment opportunities in South Florida and you can find the best properties on www.relianceintlrealty.com.