At one point, South Florida was considered the worst place to invest, being the nation’s hardest-hit housing market. Now it’s among the most improved in the entire nation.
Here’s a quick update on the status of south Florida’s real estate market:
Zip Realty reports Palm Beach County’s median price hit $169,000 in December 2012. That is a 35 percent annual increase that led the entire country.
The company also reports that Broward County’s median price in December was $127,000. This 21 percent leap places Broward in the top 10, directly above Miami Dade County. Their 20 percent increase in average sale price placed them in 10th place for real estate recovery in the nation.
Why is South Florida seeing such a quick recovery when other cities like Detroit are still suffering greatly? Market analysts agree that their are several reasons. For one, South Florida has always had the lure of beautiful beaches, wonderful weather all year round and low costs without a state income tax. But property values are most likely being forced upwards by strong demand by investors (a large percentage being foreign investments), a shortage of homes for sale and rising rental rates.