The Florida property market and Miami in particular has shown a remarkable capacity for recovery. Rather than reaching the eye in this particular property market storm, recovery has been taking place for most of the past 12 months.
(PRWEB UK) 10 September 2012
Loxley McKenzie, Managing Director of Colordarcy.com commented, “The Florida property market and Miami in particular has shown a remarkable capacity for recovery. Rather than reaching the eye in this particular property market storm, recovery has been taking place for most of the past 12 months.”
Colordarcy.com are keen to point out that just like the natural storms which batter the coast of Florida every year, the state’s real estate storm has blown itself out and we are now seeing property prices rise consistently again in Florida according to the latest data.
Median sales prices in Florida in July increased 7.8 percent to $148,000 for single-family homes and 10.9 percent to $102,000 for condominiums, (Source: Florida Realtors Industry Data and Analysis Department and 10K Research and Marketing).
In July, 47 percent of all closed residential sales in Miami-Dade County were distressed, including bank-owned properties. This compares to 52 percent in July 2011 and 44 percent the previous month. Nationally, distressed sales accounted for 24 percent of July property sales according to the same source.
McKenzie added, “These positive figures are another good reason for investors to look at Florida property with less fear than they have done at anytime since 2008.
Home prices remain on the right track and are historically undervalued. In my humble opinion, the cloud that has been hanging over the Florida real estate market is almost certainly displaying a silver lining for investors.
Notes to the editor:
Colordarcy is a leading property investment company that specialises in finding positive cash flow investment properties worldwide. Colordarcy investment property portfolio includes some of the best properties for sale in Brazil, Florida, Turkey and the United Kingdom.
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