The year has ended and everyone is giving his or her two cents about where the real estate market is headed and this includes South Florida. Most of these analysts agree that the market is not over yet in South Florida but it is coming to an end.
South Florida real estate is beginning to show signs of a recover in that the price declines are now more level even though prices have not started improving. Moody’s Analytics forecasts that south Florida real estate will remain about the same in 2011 due to “angst” due to unemployment and that a recovery will not be seen until the “second half of 2012” when housing prices on exiting homes after “tumble another 16 percent or so”. A Miami housing consultant, Lewis Goodkin, believes this is true even though a few analysts think the condo market will improve faster.
Many of the analysts are focused mainly on the condo market explaining condo sales is one reason that South Florida’s housing market is seeing a gain in momentum. As reported by the Miami Association of Realtors “condo sales soared” in the month of November 2010. With these types of sales, the real estate market may be back sooner than most analysts believe. the president of Esslinger-Wooten-Maxwell Realty, Ron Shuffield thinks that the foreclosure freeze temporarily stalled market recovery in the this area, but trusts that the market will start to “return to normalcy” in 2011 instead of 2012. “I get enthused when I look at where we were two years ago and where we are today,” he stated. “It’s been a lot of pain…but these cycles don’t last forever.”