Location, location, location – that saying couldn’t be more true in South Florida’s real estate market. Some South Florida neighborhoods have seen 20 percent appreciation while other neighborhoods have seen 30 percent drops.
Unfortunately, the neighborhoods that are seeing depreciation outnumber the zip codes which are on the upswing. As a result, overall numbers are still on a downward trend. The zip codes in the negative territory are mostly low-income and inner-city locales.
According to a recent report in the Miami Herald, its tough to say whether Miami has hit the bottom of the real estate market. A major factor contributing to price depreciation is a concentration of foreclosures. Obviously, the greater the concentration of foreclosures, the greater the depreciation.
The biggest winners in this market are areas with large numbers of new luxury and waterfront condos, solid bedroom communities in well-established suburbs and the City of Miami Beach. The biggest losers are located in the southernmost parts of Dade County and inner-city neighborhoods like Brownsville, Opa-locka and Little River.
It seems like this news is just like South Florida’s real estate market. It has its ups and downs and its positives paired with negatives. We are fortunate to even see a sliver of good news in this market. In fact, South Florida’s real estate is being lauded by national media outlets as being the example of a community that may be nearing the bottom of the real estate market recession. This may be the time to take advantage of low prices, low rates, and purchase real estate.
At Alvarez & Barbara LLP, we have extensive experience handling all types of real estate issues. We can handle all aspects of your real estate transaction. A major part of our practice includes real estate litigation as well. So, whatever real estate legal issues you’re facing think of Alvarez & Barbara, LLP. Contact us today for a free consultation.
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About the Author – Gabriel de las Salas is an attorney with the law firm of Alvarez & Barbara, LLP. His practice is focused on general civil and commercial litigation, including personal injury, insurance claims and real estate disputes. Mr. de las Salas received his B.A., cum laude, from the University of Florida, and his J.D., from Stetson University College of Law.