It?s not just the single detached family homes that are experiencing a revival in the real estate industry but also the condo units in Florida especially in the Miami Dade, Broward and Palm Beach areas. ??The areas that were hit hardest by the real estate turmoil are now the areas that are first showing the signs of recovery.
The current condition of the real estate market for condominiums can be likened during the middle of 2000 before the real estate market crashed and left these housing units empty. The need to build newer units is rising in order to attract foreign buyers to these coastal areas of Florida and some of these are ex pats are from Canada, Russia and even South America.
The recovery of the housing sector for condo units are being? done by these nationals as most pay largely by cash although Americans are not able to participate in this process due to lack of funds or stricter rules when applying for a housing loan.
Real estate in Cape Coral for single homes and condos are also experiencing recovery as prices have increased to 15.9% last month based on last year?s data.? The asking prices of properties are higher compared to the actual market values which is also an indicator of the market?s steady recovery.
Other areas where interests in buying condos are getting rekindled are Phoenix AZ and Las Vegas NV.? In Phoenix, there is a reported? 21.6% increase in prices based from the previous year?s numbers.? The reason for the rise is buyers who are hunting for the best property bargains especially low priced foreclosed units.?? The city is considered as one of the cities with the biggest reported recovery in its housing sector.
Another reason why both cities have recovered well is due to the lack of extra inventories in which both areas are able to manage the demand for these units. Yet experts are concerned for the recovery of the housing market in Florida due to the upcoming foreclosures of the state.? This city has become notorious for having a tedious foreclosure process than in any other state.? Unlike other states, the foreclosure process in Florida has to undergo through the courts and currently still tackling around 371,000 cases that are backlogged.
Condominium developer depend on buyers making cash payments to fund most of the constructions costs for these units and this makes up 80% of the selling prices of most units in the market.
Source: http://www.carneyproperties.com/market-insider/buyers-interest-condos-renewed/
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