Will South Florida's Real Estate Market Begin to Rebound in 2009?

Posted by John Sabia on Tuesday, January 27th, 2009 at 11:12am.

Fort Lauderdale Waterfront HomesSouth Florida real estate may be turning around and heading in a positive direction according to several Real Estate analysts, however, not before a possible further 10-15% decline in 2009. It is important to understand, that South Florida encompasses a large area and many smaller parts; cities, neighborhoods, communities and condominiums, may face less of a decline and rebound sooner. With huge property inventory levels including foreclosures and short sales, it will take time for these homes and condos for sale to eventually be absorbed. Once the rebound begins, real estate values should return to realistic sustainable yearly gains of 3-6% instead of the unrealistic gains of recent years, which along with other elements lead to the real estate bubble bursting. Real Estate will once again return to its inherent value; a home, a roof over your head, a neighborhood, etc., not the get rich quick opportunity. If you have been patiently waiting on the sidelines searching Fort Lauderdale homes and condos for sale, contemplating a purchase and are planning to stay in the property for at least 5 years, this may now be the perfect time for you to buy. Buyers can take advantage of rock bottom real estate prices down 30-40% or more, rolled back to 2004 levels.  Interest rates are still at historic lows. First time home buyers including those who have not owned a home for 3 years prior to a purchase may be eligible for a tax credit which is expiring soon. Do your homework.  As with any great opportunity, the best time to get in for maximum benefit is at the beginning. For more information about buying a home or condo, contact me today at 954-850-2397 or visit my Fort Lauderdale Real Estate website where you can search the Fort Lauderdale MLS for available homes and condos for sale.

John Sabia

5 Responses to "Will South Florida's Real Estate Market Begin to Rebound in 2009?"

The Jills wrote: Great post! Though I've heard from leading economists in the NAR, FAR and CNN that the recovery will likely begin in 2010.

Posted on Wednesday, February 11th, 2009 at 1:41pm.

john sabia wrote: Thanks for the comment - Yes, I have heard that as well, but I think those predictions are across the board. Local Realtors are the best gauge for what is happening in our markets. As mentioned in the article, there are neighborhoods and condo communities that are fairing better than others.

Posted on Wednesday, February 11th, 2009 at 2:34pm.

Marc Rasmussen wrote: You have to be careful painting the real estate picture with one broad stroke. Some areas do better than others. A few things buyers should keep in mind is that you won't be able to predict the bottom, when the bottom does occur many of the best opportunities will be gone to other buyers, real estate is a long term game again and a home is more than just an investment.

I work the Sarasota, Florida market so I don't know Ft. Lauderdale but I can imagine a drop in prices in the weak area with some minor price adjustments in the best areas and then some bottoming out. 2010 could be the start of the bottoming out. Time will tell.

Posted on Friday, February 20th, 2009 at 1:18am.

john sabia wrote: Hey Marc, thanks for the comment. I absolutely agree - one stroke does not cover all.

Posted on Friday, February 20th, 2009 at 1:45am.

Micheal Jane wrote: Hi Well Written Post,

Posted on Thursday, July 2nd, 2009 at 3:22am.

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