Zillow has announced its quarterly findings and among housing markets that have appreciated the most, Miami Fort Lauderdale is right on top. Zillow tracked 165 metro areas for home sale prices in single family homes, condos, and coops. 90 markets showed declines in value, in the 4th quarter of 2011, and 70 showed appreciation, and 5 remained stagnant. Zillow estimates that housing prices are back to levels they were at in 2003 which is 24.6 percent less than May 2007 or the peak. Experts have attributed the increase in prices to rising rents, low mortgage rates, and the perceived bottom of the market home prices, thus spurring prices of homes upward. Zillow further has recorded 70% increases in rents from March 2011 to March 2012. It is not immediately known whether Zillow believes Miami Fort Lauderdale is at the bottom of the market, however we believe the bottom to have occurred during 2010.
Luxury properties in Miami Beach certainly felt the real estate hit, however largely they have remained unscathed. This is due in part to the foreign cash buyers that purchase in Miami, who were taking advantage of the weak dollar, and now the market is favorable for domestic buyers as well. Investors have played a key roll in keeping luxury prices increasing. Miami condominiums in particular have been increasing in areas such as South of Fifth and high rise properties along the Atlantic Ocean. Sunny Isles has experienced a veritable boom of both sales and development with two new developments, Mansions at Acqualina and Porshe Tower to name a few. If you are still looking to purchase a luxury property in Miami, now is definitely the time to act. For more information contact us today!!
