It must be understood that even though there seems to be a great deal of bad news vis-à-vis the housing market in Florida, it is not just bad news out there. There is some good news and one looking into the market has to thus be able to distinguish the good from the bad. For example, right now, the personal buyer and investor can buy homes with low interest rates and reduced prices of 50 percent or more. This may increase anxiety for sellers though but for buyers, there should be smiles on faces. Those in South America and Europe – concerned about currency flops at home – are perhaps being a bit too enthusiastic in their purchasing power though, negating important factors such as quality and maintenance costs. Russians too seem to see South Florida as their dream answer with many purchasing condos in markets that had not planned for such out-of-control growth.
In addition, those in Florida are moving around as South Floridians are heading north, seeking out better schools, lowered crime rates and in general, a higher quality of life. They are even looking at the purchase of oceanfront homes and property on the Treasure Coast; something that hasn’t happened in many years.
But what is the advice on the street for those looking into purchasing homes in Florida? Those who didn’t buy during the 2003-7 housing bubble might want to look now. Don’t look into gated communities or single-family homes; rather stay on the coasts. And, perhaps most importantly, remember that when you look into news in Florida housing, it’s not all bad.