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Hot Florida Real Estate Markets

By Tabitha Naylor

The current year is looking brighter for Floridians looking to sell properties. After a long glut of properties and foreclosures in Florida many areas are seeing fast sales and increasing prices. The signs of a real estate recovery are more and more evident in the Sunshine State.

Miami and Dade County are seeing buyers lining up for properties coming onto the market. Much of the demand is coming from foreigners looking to buy up properties at good prices. Another interesting fact is that 78 percent of the condos and 50% of the homes sold in Miami and Dade County during the month of February were cash sales. So a lot of buyers are also coming up with cash.

Miami Beach is clearly on fire with multi million dollar homes being snatched up by international clients from Brazil, Russia, and Saudi Arabia. New construction is also taking root all over South Florida from new home developments like Briar Bay Estates and condo projects like Marina Palms Yacht Club and Residences in North Miami Beach.

For those looking to purchase a bargain there are still foreclosure and short sale properties available. The Palm Bay-Titusville-Melbourne metro area has a 34 months supply of foreclosure inventory and to date foreclosure property sales account for 24 percent of all sales.

Orlando-Kissimmee and Lakeland also have a 28 months inventory of foreclosure properties so it is a terrific time to pick up a bargain in a very popular tourist area for your own use or as a rental property. Again, foreclosures account for at least 24% of all sales and foreclosure activity increased by 50% over 2011 meaning there are still bargains to be had but you will face competition from investors that are picking up these properties to flip. On the other hand some properties are coming back into the markets and prices are beginning to creep up again so it is important to check the area you are interested in to see what the most current trends are.

If you are retired and thinking about moving to Florida, Gainesville is ranked as one of the top 25 places to retire to because of the cheap cost of living. With a median home price of $147,000, no state income tax, good weather and a high per capita percentage of physicians in the area it comes out with high marks as a good, affordable retirement community. With escalating foreclosure rates in 2013 there is added financial incentives to investigate purchasing a home in Gainesville.

Overall, the luxury market continues to grow in South Florida and prices are stable and escalating for Miami-Dade county in particular. Although Orlando and the surrounding suburbs continue to struggle sales are increasing and the inventory of foreclosure properties is beginning to dwindle some leaving room for some bargains.

Generally, the coastal areas of Florida and the Florida Keys are seeing positive movement in terms of sales and prices but recovery is slower for many of the inland areas of Florida. Luxury home sales seem to be hooter than general residential home sales. There is greater hope for sellers to move their properties at better prices and still bargains to be had for buyers who are not limited to a specific area.

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