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Florida market showing signs of recovery

Article Date : Tuesday, July 10, 2007       Bookmark on Facebook   Bookmark on Del   Bookmark on Digg   Bookmark on Facebook   Bookmark on Reddit   Bookmark on Spurl   Bookmark on Furl   Bookmark on Yahoo   Bookmark on Magnolia   Bookmark on StumbleUpon   Bookmark on BlinkList

Although continuing to cool down after the recent boom seen in 2005, Florida's property market is showing fresh signs of recovery.

According to figures cited by USA Today, Condo sales in the West Palm Beach-Boca Raton area rose by 11 per cent in May, indicative of a recovery in the region's property market at large.

Existing investors may subsequently be able to enjoy higher values in the future, with prices having declined by only one per cent in comparison to May 2006.

Other regions in Florida could be on track to benefit from a similar recovery in the coming future, signalling widespread positive development in Florida's property market at large.

Clark Toole of Coldwell Banker explained that activity in Florida is on the up and highlighted properties above $1 million in value as largely unaffected by broader trends.

"The inventories (in West Palm Beach-Boca Raton) are at an all-time high," he told USA Today.

"Things are selling, but they have to be priced correctly, and that may be something that was a 2003 price."

On an economic level the current strength of the pound is making US property relatively cheaper for British investors, with experts at HiFX recommending that buyers take advantage of the weaker dollar while they can.
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