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Florida Market Seeing Recovery

It looks as if thing are beginning to shift in the real estate market.  After languishing for several years, Florida seems to be on the upside climb out of their housing disaster.  This article in the Miami Herald discusses how one Bungalow on the water in Miami Beach had so many competing offers that the listing was removed and placed at a price nearly one hundred thousand dollars higher.

And while things seem to be looking up, the Hearld also cautions, “Though South Florida’s luxury real estate has gotten some national press lately for eye-popping prices, brokers and agents said the best of the region’s real estate market remains battered and bruised, with values off about 30 percent from the peak. Buyers need significant cash cushions to compensate for appraisals that continue coming in lower than negotiated prices. That makes all-cash sales a common occurrence, even with seven-figure prices.”