Survey shows that South Florida tops real-estate sales early 2009 among other states in the US with a staggering $512 million in acquisition.
The status of the real estate market all throughout the US have been in a major downtrend since the economy entered recession due to several companies in Wall Street declaring total bankruptcy. Figures show that among the counties in South Florida, the three that marked the highest sales includes Miami-Dade, Palm Beach, and Broward.
Analytics compiled by real estate experts list down properties, such as apartments, hotels, industrial space, office, and retail. Residential properties have yet to reach their full potential in sales since the real estate boom a few years back before the economic decline. Commercial properties, on the other hand, are seeing high numbers in sales as the economy slowly recovers.
The highlight of total sales belongs to Miami-Dade as its retail sales closed at $10.9 million and the hotel sales at $35 million—four times the amount compared to the figures gathered during the first quarter of 2009. Broward County, conversely, is seeing a major downward spiral in the sales of the industrial sector, closing at $6.7 million during the last few months of 2009 compared to the $21.2 million from the first quarter of the same year.
Despite prices being cheaper than property values from last year, many experts believe that the steady rise of acquisition will continue to improve this 2010. However, this prediction is overshadowed by a high probability of prices going further down owing to the distressed properties still amounting to a majority in the Florida state.
William W. Teho, Jr.
©2010 LUXURY LIVING REALTY. An Equal Opportunity Company. Equal Housing Opportunity. The property information herein is derived from various sources that may include, but not be limited to, County records and the Multiple Listing service. Although the information is believed to be accurate, it is not warranted •