BY ERIK BOJNANSKY
Special Correspondent
CondoVultures.com
Happy days are here again, acclaim Realtors and analysts interviewed by CondoVultures.com, as recent data suggest a significant increase in South Florida home purchases and a decrease in residential inventory.
Well, maybe relief and cautious optimism are better descriptions of how many Florida real estate agents are currently feeling.
South Florida's inventory of condos, townhouses and single-family homes has fallen by nearly 24 percent in seven months. On Nov. 24 there were 107,527 residences available for resale. As of June 15, there were only 82,047 -- a reduction of 25,480. Meanwhile pending sales in South Florida have increased by more than 68 percent between November 24 and June 15 from a total of 9,302 to 15,645, according to a new report released by CondoVultures.com.
"There is a percentage of the population that believes the bottom of the market has hit," said Jeff Morr, CEO of Majestic Properties. "Sales are way up."
Brian Paul, CEO of the Realtors® Association of the Palm Beaches , credited low home prices and the $8,000 federal tax credit for first-time home buyers for the increased buying trend, especially among those who couldn't afford buying a condo or a house two years ago. The prospect of rising interest rates has only increased the pace of home-buying, Paul said.
"Housing is affordable again," Paul said, "People are recognizing that and are getting into the market before they are priced out."
Situations are popping up where investors can, in some cases, collect more on rent than the property actually costs on a monthly basis. A five-person panel is scheduled for Tuesday, June 16, to discuss "Rental Rates and the Quest For Double-Digit Cap Rates" at the Doubletree Grand Hotel just north of Greater Downtown Miami.
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