New York, NY (PRWEB) January 22, 2013
Douglas Elliman released three 4Q 2012 market reports for Boca Raton, Fort Lauderdale and Palm Beach. In all three markets, the reports show a trending of rising sales in recovering housing markets, upward pressure on prices, and faster absorption of properties. Record low mortgage rates contributed to rising demand in the markets.
Additionally, luxury markets outpaced the overall markets and a high demand in international sales was driven by global economic volatility. The pace of sales for older listings quickened, creating sales gains for the three marketplaces.
“We are seeing the most action in the luxury market in South Florida, a shift from the past few years, when the focus was on distressed sales,” said Vanessa Grout, CEO and President of Douglas Elliman’s Florida Brokerage. “Cash is being channeled into luxury property at an astounding rate; the primary drivers being foreign demand and low borrowing rates. A scarcity of well-designed units also lifted prices across the high-end market.”
“The last quarter of 2012 saw a slowly improving economy and this has translated to a recovering market,” said Jonathan Miller, President/CEO of Miller Samuel, who produced the report in conjunction with Douglas Elliman. “Overall price indicators showed sharp year-over-year gains, sales levels grew and marketing times fell sharply, reducing the negotiability between buyers and sellers. Rising sales is the most important barometer of market health and there have been increases across South Florida markets. We can expect to see more of the same in 2013.”
About Douglas Elliman Real Estate
Douglas Elliman Real Estate is New York’s largest residential brokerage, with over 70 offices in New York City, Long Island, the Hamptons , Westchester/Putnam, and South Florida, including more than 4,000 real estate agents and a network of national and international affiliates. They are exclusive strategic partners with London-based Knight Frank LLP for residential business in all of their New York markets. Douglas Elliman ranked in the top four of all real estate companies in the nation in 2007, 2008, 2009, and 2010. The company also controls a portfolio of real estate services, including Manhattan’s largest residential property manager, Douglas Elliman Property Management, as well as PDE Title and DE Capital Mortgage. For more information on Douglas Elliman as well as expert commentary on emerging trends in the real estate industry, visit the Douglas Elliman site at http://www.elliman.com.
About Miller Samuel
Miller Samuel is an appraisal and consulting services firm covering the New York City metropolitan area. Miller Samuel provided property valuations of more than $5,000,000,000 in the past year. The company's clients include domestic and international financial institutions, law firms, consulting firms, developers, employee relocation companies, co-op and condo boards, managing agents, individuals and government agencies. The firm has authored this report series since 1994. For more information visit http://www.millersamuel.com.