South Florida Median Home Prices

The South Florida Business Journal reported today that in 2002, the median price for a single-family home in Miami-Dade County was $183,000, while in Broward County, it was $211,000.  Today, the median prices are $182,000 and $192,000, respectively, according to residential brokerage Esslinger Wooten Maxwell (EWM) Realtors.

The median price for a Miami-Dade condominium in 2002 was $133,000, while Broward’s median clocked in at $103,000.  Seven years later, the Miami-Dade median is $135,000 and Broward’s is $80,000.

Wow, need I say more.  Here is another staggering statistic from EWM, 48% of their deals are cash in Miami-Dade and Broward markets.  That is huge considering The Wall Street Journal reported it was around 22%. 

Can prices really go lower?  Of course anything is possible in this market especially when there is still a large about of foreclosures that haven’t hit the market.  Just like any investment, if you hold for the long term you will get a good return on your investment.   

http://southflorida.bizjournals.com/southflorida/stories/2009/10/26/story10.html?jst=pn_pn_lk 

Fannie Mae Condos In South Florida

Apparently you can get waivers through Fannie Mae’s “Project Eligibility Review Service.”  This is good news however they are under staffed and waiting for the approval can be detrimental to a condo project.

http://southflorida.bizjournals.com/southflorida/stories/2009/06/15/story4.html 

Great Home Buys

Guess what?  South Florida is on the list.  There is a reason for that.  It’s because South Florida is undervalued.  Here are the 12 real estate deals for retirement:

http://money.cnn.com/galleries/2009/real_estate/0906/gallery.real_estate_deals_retirement.fortune/index.html?section=money_realestate