Parkland Livestyle November 2013

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eal estate Home Rise Single-family home prices in South Florida continue to improve, even though interests are on the rise as well. And there’s more to come. By Darcie Lunsford Mortgage interest rates keep going up * …. But so do median housing prices in South Florida… ** 5% * 30-year fixed rate ** Single-family homes Interest Rates Median Housing Prices 300000 Home sales in South Florida—and across the state—are becoming the economic version of the Man of Steel. Not even interest rates moving faster than a speeding bullet seem able to put a chink in their armor. August marked the 20th consecutive month that the price of a single-family home was higher than it was the same month the previous year. The median price for a single-family home in South Florida jumped 21 percent year-over-year to hit $254,000, according to Florida Realtors data. Prices on condos and townhomes in August told a similar story of resilience and rebound, rising 35 percent to $139,000. But August also marked the seventh consecutive month that interest rates on the all-important 30-year fixed mortgage jogged up. In fact, as of August, interest rates had soared more than a percentage point since January, fueled largely by Ben Bernanke and other Fed officials hemming and hawing that the Fed could—and eventually will have to—stop its $85 billion a month bond-buying program. When the Fed does stop snapping up mortgage-backed and Treasury securities, bond values will fall and interest rates will rise some more. In today’s post-traumatic-recession environment just the mere mention that the Fed may taper these asset purchases is enough to send the Dow toppling and mortgage rates surging. In South Florida, meanwhile, the housing market continues to shine, far below the daunting macro-economic storm clouds. “It is still a very good time to buy,” says Doug Leever, mortgage sales manager of Miramar-based Tropical Financial Credit Union. “People who have their finances in order are ready to buy.” Demand for new mortgages at Tropical Financial has nearly doubled since last year, Leever says. And he doesn’t see that stopping even though he does expect, “rates to continue to trickle up.” Sustained demand despite more expensive borrowing costs? It makes sense when you put today’s market in context. Rates and home values are still well below where they were at the market peak in 2006. In 2006, for instance, the average mortgage rate was 6.4 percent and the median price of single-family home in South Florida was hovering around $400,000. Today, rates and home prices remain about a third lower. “I think some buyers are feeling like they missed the boat,” says Joanne McKeage, an agent with Coldwell Banker in Fort Lauderdale. “But home prices are still under-valued and prices are going to go up. Interest rates are still historically low.” 4% 250000 Darcie Lunsford is a veteran South Florida business journalist and real estate writer who now works as a commercial real estate broker specializing in office and medical leasing. Email Darcie at darcielunsford@gmail.com. 3% Jan 3.41 214,500 Feb 3.53 220,000 Mar 3.57 240,000 Apr 3.45 250,000 May 3.54 250,000 Jun 4.07 254,500 Jul 4.37 250,000 Aug 4.46 254,000 200000 28 NOVEMBER <strong>2013</strong> | LMGFL.COM
Get to Know... Vasti Amaro - One of Florida’s Emerging Leaders Vasti Amaro, Senior Vice President of Business Development, Keolis Transit America on the allure of tee times, transit and Alliance success. Successful leaders take a decidedly passionate view of their lives and world. Discover what moves Vasti Amaro. South Florida pleasures: “In three words: sports, golf, the beach. I’m a native of Las Olas Boulevard and spend a great deal of time shopping and dining there.” Why transit hooked me: “I was raised using the transit system. In college, I found my way around Tampa using transit and became an employee of the Hillsborough Area Regional Transit Authority. I took the job because I understood its value as a transit user.” My climb up the career ladder: “I came up the ranks through the industry association called Advancing Women In Transportation (WTS), which is all about transforming the transit system through the advancement of women. I graduated from their leadership program and became a national board member. It formed my future.” My couldn’t-miss opportunity: “I was hired by a 30-year-old Fort Lauderdale company called Limousines of South Florida because of my experience in the business. They needed help restructuring the company for possible acquisition. Keolis Transit, based in France, chose us to make its first foray into the U.S. market in 2011 and the rest is history.” The rewards of my Alliance membership: “I can honestly say that after speaking with the Alliance, I recognized it was the organization that would be the key to our success in having an impact on the transit system in Broward County. “ Keolis Transit America operates the bus service for Fort Lauderdale- Hollywood International Airport and the Sun Trolley, connecting tourists and locals throughout downtown and the beaches. The Greater Fort Lauderdale Alliance salutes emerging leaders who drive significant impact in our community’s economy and quality of life. We invite Broward companies and individuals to be part of our success story. Discover the rewarding connections and business benefits of Alliance membership by visiting gflalliance.org or contacting Gail Bulfin at 954-627-0127.
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92 NOVEMBER 2013 | LMGFL.COM
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Parkland Livestyle November 2013

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