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For several years Florida's real estate boom consisted
of crowded houses and speculators flipping preconstruction
condominiums. Since the market dropped out in mid-2005,
sales have fallen and inventories soared. Property auctions
and price cutting have become the way of selling and buying
Florida real estate.
In Miami Florida the inventory of unsold homes in April was
up 58 percent over the same period last year, but real estate
brokers and agents say there are some Miami real estate properties
that are still attracting buyers.
Smaller condo hotels in prime
locations and large luxury condos are in demand. Prices for
prime waterfront
homes, including exclusive islands like Hibiscus and Sunset,
which are favored by celebrities, are also stable.
For bargain hunters, Florida real estate is a chance not
only to cherry-pick properties at low prices, but a great
way to cash out in the future.
Real Estate Markets In Florida
- Naples - Prices are generally holding for more
desirable properties on golf courses or with waterfront
access costing $500,000 and more. But bargains are available
for houses below $500,000 because of a bloated inventory
of standard two-bedroom, two-bath condos.
- Statewide- Condo sales fell 32 percent in March
and single-family existing homes were off 28 percent compared
with the same period a year ago, according to the Florida
Association of Realtors.
- Jacksonville and Gainesville - Did not experience
rampant overdevelopment, have not felt the impact of the
downturn as much as has southern Florida, where high-rise
condo construction was largely fueled by speculators.
- Sarasota- Held an auction in the city last month,
26 properties of the 90 being offered found buyers, including
vacant lots for under $30,000 and condos in the $300,000
range. But high-end properties, like a $4 million gulf-front
home, went unsold.
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