South Florida’s Red-Hot Housing Market Doesn’t Appear To Be Slowing Down Anytime Soon – CBS Miami
MIAMI (CBSMiami) – The South Florida real estate market is currently a dream come true for sellers.
“I’ve never seen a market like this before. Prices are rising astronomically, ”said Melissa Miller, one of Weston’s top real estate agents.
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Miller said most homes sell for the above questions.
Property prices in Miami-Dade County are up 21.6% year over year. Condos are up 17%.
One of Miller’s clients, who now lives in Kansas, just brought his Parkland home to market on Sunday.
“Probably what about 100?” Keith Jones of CBS4 asked salespeople Marcy and Amit Patel.
“Yes, a difference of $ 100,000,” said Amit Patel.
They rented the parkland house, but long distance calls weren’t their thing.
A year ago they couldn’t get a nibble.
“Lots of screenings, but there was so much real estate at the time that prices only fell,” said Marcy Patel.
From Parkland to Coral Gables, “out of staters” move in droves. But the inventory has dried up.
“As soon as a property comes on the market, we have multiple offers and then we get into a situation with multiple offers,” said Belinda Sime of Sime Reality.
Sime has a Coral Gables that is humble on the outside. But it takes a lot of work inside.
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Still, this 3 bedroom, 2 bath, 2,100 square foot home is listed for $ 1.4 million.
Which begs the question: are houses way too expensive?
“I make my buyers pay for what the market should be, not necessarily what the hype is. So if you go to an auction, you will get trapped in it. I think we’ve met our expectations and are just waiting for the market to level off, which it hasn’t done yet, ”said Sime.
If you ask a broker or broker, they will tell you the market is healthy.
And there’s little chance of a repeat of 2008 when houses crashed.
Andrea Heuson, Professor of Finance at UM’s Herbert School of Business, agrees.
She said this was because banks were distributing loans in 2008, like Oprah distributing studio gifts.
“This time the credit market was very, very disciplined. Lenders are careful to ensure that buyers are not allowed to borrow too much, ”she said.
The top dollar seller market has gone nowhere for a while.
“I think we’ll see a sequel to that next year,” Miller said. “But I think it will level off by the end of 2021.”
And almost every real estate agent can summarize real estate in a few words.
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“It was a wild market, but a fun market,” said Sime.