NEW REPORTS SHOW PROMISE FOR FLORIDA IN 2011

Though reports on the state of the economy seem to fluctuate daily, there is an overall consensus that things are looking up, including real estate. Although real estate in Florida, particularly South Florida, took an infamously heavier hit than many parts of the country, year-to-date home sales proved that there is plenty of promise for 2011.

Though reports on the state of the economy seem to fluctuate daily, there is an overall consensus that things are looking up, including real estate. Although real estate in Florida, particularly South Florida, took an infamously heavier hit than many parts of the country, year-to-date home sales proved that there is plenty of promise for 2011.

According to FloridaRealtors.org, statewide year-to-date existing home sales in Florida were 143,398 for single family homes, a 7 percent climb from this time last year. There was also a 33 percent increase in condominium sales statewide, with 59,966 units sold year-to-date. There are several factors working both for and against the overall outlook for Florida’s housing market. Foreclosures, tight credit, appraisal issues and other factors are working to slow the recovery. However, there is a sleeping market waiting until the conditions are ideal, meaning banks have resolved foreclosure issues and the labor market has improved, to invest.

While year-to-date figures have revived hope for struggling housing markets, there was a 5 percent drop in existing condo sales statewide, as well as a decline in the median sales price of 22 percent. Existing single-family home sales also decreased by 21 percent, with a 3 percent decline in median sales price.

Despite October’s figures, economic conditions in South Florida seem to be improving with the addition of luxury hotels and the gentrification of downtown Miami, thanks largely in part to newly-affordable condos. Real estate in Miami Beach has enjoyed these benefits as well, and SoBe Luxury Homes, a Douglas Elliman team, is no exception. If you’re looking for a new or existing home orcondo in South Beach, look no further than SoBe, with long-time South Beach real estate agents Christian Kawas and Ivan Hernandez. Your new luxury home in Miami Beach is just a phone call away, at 305.608.6681 or 305.490.0028 !