feb 2015

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FINANCE WHAT IS THE CURRENT STATE OF THE South Florida Real Estate Market? Five local top-selling realtors give their opinions... Marta DuPree As 2014 comes to a close, what are the statistics for Broward County single family closed sales? Comparing 2013 and 2014, the inventory of homes rose. There were 4,514 single family homes active on the market in January 2013 and 6,522 in November 2014 (an increase of 44%). The number of homes closed (year to year) increased by 1%. In 2013, there was an increase in the median price of homes from $224,000 to $270,000. In 2014, the median prices increased to a high in August of $290,000, and then saw a slow decline from September to December. With the inventory of available homes leveling for the last 90 days, an increase in population, limited land in the tri-county area, the expansion of the airports in both Fort Lauderdale and Miami, international buyers, low interest rates, new mortgage products, investor purchases, lower gas prices and great weather, 2015 will be another great year for Broward County real estate. There is the expectation that Broward County real estate will rise at a higher rate than the national average. Marta DuPree, P.A., is with the DuPree Team and The Keyes Company Realtors, and has been a realtor for more than 35 years. Lisa S. Flickstein The south Florida real estate market is strong. According to the Broward County Council of Realtors, Broward County single family resale home sales are up 1.2% over the third quarter of 2013. Townhouses and condo resales were down 3.5% from last year, however these numbers are broad and not specific to our very strong, local market of Parkland and Coral Springs. The housing inventory in Parkland and Coral Springs is at a nine year low. With interest rates under 4% and a stable market, there is great pent up demand. New construction sales are vibrant in Parkland. Demand is so high that there is a two year wait time to build a new construction home. This translates into a very strong resale marketplace. The days on the market for resale single family and multi-family homes is also at a long time low for properly priced and marketed properties. With the confidence back in the real estate market, many homeowners are choosing now as the time to either move up to a larger home or take this opportunity to scale back in size in preparation of retirement. Lisa S. Flickstein, P.A., is with the Berkshire Hathaway Home Services Realty Parkland/Coral Springs branch. She has been a realtor for almost 30 years. 104 FEBRUARY JANUARY 2015 2015
Kate Fontenot Our market here in south Florida is on the move. In some areas and price ranges, there is extremely low inventory, and in others, there is a great choice of properties for buyers looking to purchase. It doesn’t seem to be a ‘buyers’ market or a ‘sellers’ market, but more of a good market for both buyers and sellers. Interest rates remaining low is encouraging buyers to stretch a little further to purchase that long-term home, rather than settling for a smaller less expensive starter home. New construction is everywhere, which is great for the market as a whole. It sends the message to potential buyers that the economy is stable and looks to be in the future. This is because a new build can take up to a year or so to complete, depending on the development. There are more corporate relocation buyers and sellers, which also sends a message about the economy as a whole. Buyers and sellers, who have been on the fence for the last few years, are out in numbers looking to upsize or downsize, but stay local. This in itself speaks volumes as to the strength in our local markets. Sellers are also realizing that in order to get top dollar and to sell quickly, they must prepare their homes in advance. With social media and the Internet, a picture speaks a thousand words. Prepare, stage and photograph, and they will come. Kate Fontenot, P.A., is with Coldwell Banker Residential Real Estate. She has been a realtor for 14 years. Bobbi Mechler During my nearly thirty year south Florida real estate career, I have experienced every kind of market—hot or cold, buyers’ or sellers’… and now, thankfully, I find myself in another evolving real estate market. Looking back, nothing could have prepared me for the meteoric rise of the early 2000s, followed by the dramatic fall from grace in 2006, cranked, but certainly not caused, by Hurricane Wilma. The big question for all realtors from 2006 through 2010 was: How low can it go? At times, it seemed the capacity for the fall was a bottomless pit, and the mantra for every hard-working, experienced realtor was the Gloria Gaynor song I Will Survive! The fall, however, did have a positive effect on our industry. We were purged of the realtors who joined the industry thinking they could make a quick buck and the ones who were less than ethical in their shenanigans with lenders, appraisers and title companies. All those people, realtors and their accomplices, are thankfully gone. We finally reached the years of 2011 and 2012, which I refer to as our ‘flat line’ years because we had hit bottom. The fall was over, but the rise had not yet begun. Fortunately, for the last couple of years, the average sale price in the Parkland area has increased 7% each year, a substantial and healthy growth. The common denominator between the strong realtor and the Parkland market is we both have something of great value to offer. Hence, we have survived! Bobbi Mechler, of the Mechler Group, is with RE/MAX ParkCreek. She has been a realtor for almost 30 years. Grace A. Noethen The residential real estate market in South Florida has been stabilizing in the last few years. The market has improved in some neighborhoods more than in others, with some communities showing signs of appreciation. There continues to be a shortage of inventory in the mid to low price range, meaning that there are relatively more buyers in those markets than homes for sale. Buyers in these markets should be prepared to move quickly, as homes are selling at a record pace when compared to previous years. Short sales are still prevalent, as many homeowners still owe more than their homes are worth. However, sales of REOs (or bank-owned properties) have declined. The high-end resale market continues to be sluggish in some markets, due in part to the volume of new construction. P Grace A. Noethen, P.A., is with RE/MAX Advantage Plus. She has been a realtor for 35 years - 30 of those in south Florida. the PARKLANDER 105
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THIS SPRING BREAK RIDE THE WAVES AT
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50 FEBRUARY 2015
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Page 104 and 105: FINANCE 2015 ANNUAL FINANCE ISSUE M
Page 108 and 109: FINANCE Although some may focus on
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feb 2015

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