Even though it’s taken a while, today, Florida housing is in a good place. Throughout the nation, home prices are returning to their peak prices. Indeed, Florida housing prices increased by around a fifth in 2013.
One of the reasons Florida housing prices (along with others in America) have returned to their peak is due to an increase in hedge funds and other investors which have started aggressively purchasing residential properties in the last couple of years, buying distressed properties in bulk. The negative with this however, is that it will leave middle-class buyers with nothing to purchase.
In Palm Beach County, Florida housing and sales have become increasingly active. According to one realtor in the area, Jeff Lichtenstein, he has “the most [properties he’s] had at any given time,” right now, including a home listed in the PGA National resort, comprising over 5,000 homes. He notes how South Florida housing prices escalated 21 percent last year.
Doral Bank, a Puerto Rico-based bank with a presence in Florida, recently reaffirmed its commitment to real estate by announcing a partnership with San Juan Board of Realtors. During the oath ceremony of the Association’s new board, Doral Mortgage addressed the Board of Realtors and confirmed its support of the continued education program. Jesus D. Mendez, the operations EVP at Doral Bank Puerto Rico, took the oath of the new San Juan Board of Realtors president Eduardo Santos Alvarado at the event.
Alvarado acknowledged Doral’s support, and stated “It’s important to work together to achieve the goals we all have in the mortgage market. Our present is challenging, therefore, it’s important to know the existing opportunities to provide successful solutions to consumers in a responsible manner and that’s what we are looking for with our partnership with Doral.”
Doral bank also issued a statement, explaining that it “is essential to establish such partnerships in times of economic change, emphasizing that Doral has always distinguished itself by extending services of opportunities and alternatives for citizens in programs aimed at the acquisition of homes. With programs such as HARP (Home Affordable Program Refinance) and FHA Streamline, they have followed families to refinance their mortgage at a lower interest rate even at a time when the value of the property has been affected, allowing a significant financial relief for these families.”