Updates On South Florida Real Estate — How Specific Locations Have Been Affected By Changing Values
South Florida’s location-specific market has made observations and it seems that there are a number of neighborhoods which are finally reaping a 20 percent raise in value as opposed to that of last year. However, there are also others which seem to have been dealing with a continued decline in value, some of which have gone down by as much as 30 percent.
The neighborhoods which are considered to be negative zones are those which are home to low-income folks as well as inner-city locations. Sadly, these negative zones happen to outnumber the neighborhoods which are experiencing the appreciation that has made a buzz in other places, and as a result, the real estate housing market still reflects a downward slope in its overall figures.
Such occurrences are known to be somewhat connected to the concentration of homes under foreclosure in any given location. South Florida neighborhoods that have a high concentration of homes under foreclosure are most likely to find that other homes that are not under foreclosure will most likely have to suffer from a decline in value.
However, there is no telling whether these negative zones and all of the depreciation is something that contributes to what others believe to be hitting rock bottom as far as the South Florida real estate market is concerned. There have been many speculations on whether this is an actual fact for the market, while there are those who feel rather optimistic. After all, the reports which have been used have definitely showcased the truth about how uneven the Florida real estate market happens to be.
Locations which high numbers of luxury condos, waterfront real estate properties, as well as single-family home residences within exclusive communities are areas which have been able to experience appreciation in value. Also, Miami Beach is one city which continues to go up in terms of its real estate property values.
On the other hand, locations which experience high concentration of foreclosure properties are the most affected by the recent depreciation and these include the southernmost sections of the Miami-Dade County as well as neighborhoods such as Brownsville, Little River, and Opa-Locka.
Real estate buyers have nothing to fear as long as they are able to make their move on real estate properties within areas that have been experiencing an appreciation in value. Locations such as Coral Gables, Pembroke Pines, and even Weston has gone up by approximately 5 percent as many foreign buyers have managed to help boost local sales which have led to a decrease in the inventory for these markets.
Florida Real Estate