Sarasota Real Estate Market News

Vacation home sales surge higher

MIAMI – March 23, 2011 – Vacation home and condominium sales in Florida, Hawaii and other states hit hard by the housing downturn have posted dramatic gains.

In Miami, existing condo sales surged 58 percent during the year-over-year period ended in February; and statewide, condo and single-family home sales climbed 29 percent and 13 percent, respectively, due to low property prices and mortgage rates.

About 50 percent of these sales were cash purchases, and about 70 percent involved foreclosures or short sales.

“We’re even seeing instances in certain neighborhoods with multiple offers above asking price,” says Miami Realtors Chairman Jack Levine.

This means home prices continue to decline, with the median in Miami down 23 percent for single-family homes and 25 percent for condos from February 2010. However, prices are beginning to pick up on the Miami waterfront, where distressed sales accounted for only a fraction of transactions.

Source: HousingPredictor (03/23/11) Colpitts, Mike

April 14, 2011 - Posted by | News related to Buyers, News related to Investors, News related to Sellers, News related to the Market

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