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 Sunday November 22, 2009 |
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Wilma’s “Hitch” in South Florida Real Estate Market may be to Advantage of Some Buyers!
There is a “hitch” in the South Florida real estate market. Damage from Hurricane Wilma has delayed closings where a home has to be brought back to the condition it originally was in, or an adjustment made in the selling price to account for damage. Consequently, in addition to that home’s closing being delayed, some sellers have been prevented, financially, from proceeding to close on a new acquisition until the disposition of the home they are leaving is resolved. Once this “hitch” in the market straightens itself out, real estate in South Florida will once again be an interesting market. Interestingly enough, some buyers may be able to use this “hitch” to their advantage. An offer which had been “second-best” may turn out, because of Wilma, to be the best offer on the table and prices, while not dropping, are certainly not rising at their pre-Wilma pace, and this may to be the advantage of some.
Once the kettle starts boiling again, however, prices will continue to rise and properties will remain on the marker for shorter periods. This will be due to the unending flow of people, still working or retired, who will continue to seek to relocate in Florida, fueling the real estate market here, as it has done for half a century. There probably will be, however, a reduced amount of speculative buying because of the interest rates increases which are now occurring and restrictions directed against “flipping” which many builders are now including in their sales contracts. What will occur is that the real estate market will increasingly focus on new areas, as well as older ones, but from differing aspects. While Miami-Dade County, Broward County and parts of Palm Beach County have been built up to the saturation point, neighborhood regentrification (and occasionally demolition) of older housing, remodeling, reconstruction and condo-conversions will present buyers with new home owning opportunities. New construction will still dominate further north on the Treasure Coast, often by the same builders who flourished further south. |
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