I’ve been writing about the positive signs in our local real estate market in the Tampa Bay area but it seems that there are other areas in Florida seeing improvements too.
Miami condos: “amazing turnaround” says Fed official…More at Miami condos: “amazing turnaround” says Fed official
The Miami area was probably hit even harder than Tampa Bay because it was overbuilt to a larger extent and there were a huge number of new condos that flooded the market during the boom years and then sat empty for several years after the market turned.
“In 2008 and 2009, what I was hearing was condo towers essentially being empty’’ in downtown Miami, Lockhart told a Broward County business group Wednesday morning. A recent survey shows something far different: about 90 percent of downtown’s condos are either rented or occupied by an owner….More at Miami condos: “amazing turnaround” says Fed official
I’ve been saying that Florida real estate has something in its favor that a lot of areas don’t which is that it is still a popular destination for people to retire to or to buy a winter home (or condo) to escape cold weather. This is one thing that has to be factored in to any evaluation of the market and its future.
As the articles states one factor that is positively affecting the Miami (south Florida) real estate market is buyers from other countries but they go on to state that this might not continue as strongly as it has. We also have foreign buyers in Tampa Bay but not to the extent that you see in South Florida so I don’t think what is happening in our area is as dependent on that as it is in Miami.