FLORIDA REAL ESTATE NEWS - SEPTEMBER 2006

South Florida Real Estate Investors Take Advantage of a Great Buyers Market

With home prices moderating and seller concessions at peak levels, many savvy South Florida real estate investors are taking advantage of the opportunities that are present in today’s real estate market, both on the existing market and the preconstruction domain. "Several of my investors are just now closing on their preconstruction properties. Through the new financing avenues, they are converting their substantial profits from these properties, into more real estate, at excellent prices," noted Sunil Sharma, a top local Realtor who specializes in preconstruction sales. Sharma, who ranked number two in sales for an outside Realtor with The Related Group in the West Palm Beach area, is advising many of his clients to close on their units, refinance at today’s higher values and invest their profits in very attractive “buys” in the market today. Rapidly escalating rents have helped the investor who intended to “flip” the property change strategies and now hold the properties for rental purposes. With today’s financing options many of these properties can provide cash flow sooner than in the past.

Retail Building Boom Going Strong in South Florida

Nearly 4 million square feet of retail land is under construction in South Florida and is expected to open its doors in the next two years, figures from CB Richard Ellis show. Demand is strong enough to absorb the new product as it is delivered, and redevelopment is steady among older shopping centers. “South Florida is probably one of the most sought after markets from an investment and retailing point of view,” stated Richard Tarquinio, CB Richard Ellis First VP. With more than 55,000 permanent new residents and a 2.1 percent increase in job growth, Broward County is considered one of the top retail investment locations in the state. Palm Beach County and Miami-Dade are also high on the charts as excellent locations for retail investment reports show.

Rate of New Foreclosures Fall In Florida

The rate of new residential foreclosures fell 8 percent in Florida, while the rate rose nationally by 10 percent in July according to a report from Boca Raton-based Foreclosure.com. The decline in new foreclosures in Florida is attributable to a housing market more resilient than in many other states, Foreclosure.com President and CEO Brad Geisen said.

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