ORLANDO, Fla., Jan. 21 /PRNewswire/ -- From Pensacola to Key West,
buyers are taking advantage of the lowest Florida home prices in several
years.
"Pricing on both homes and condominiums has been drifting downwards in
the past year, as sellers have become more realistic in their
expectations," said Nancy Riley, a broker with Coldwell Banker Residential
Real Estate in Pinellas County and the 2007 president of the Florida
Association of Realtors(R) (FAR).
In November -- the latest data available -- Florida's median sales
price for existing single-family homes was $215,800, down 10 percent from a
year ago. The median is the midpoint where half the homes sold for more,
and half for less. The statewide median sales price for condos was
$186,700, down 9 percent from November 2006.
In Naples, "prices have adjusted to a more realistic range than in
2005," said Sally Masters, broker-associate with Coldwell Banker's North
Naples office. "There are some great deals here as far as waterfront
properties, golf course communities and estate homes."
On the other side of Florida, John Kent, sales associate, Prudential
Star Real Estate in Cocoa Beach, said savvy buyers can purchase two-bedroom
condominiums on the Atlantic Ocean for under $300,000, while condos facing
the Banana River are under $200,000. "Where else can you watch the space
shuttle and rocket liftoffs while walking the beach or relaxing in your
pool, at such affordable prices?" he said. "This is still one of the most
affordable beachside communities in the country."
Mike Pappas, president/CEO of The Keyes Company, Miami, noted that
lower sales levels and a high inventory, resulted in a 20 percent reduction
in Broward condominium prices in the past year, while condos in the Boca
Raton/West Palm Beach market declined nearly 30 percent.
Nationally, Lawrence Yun, chief economist for the National Association
of Realtors(R) (NAR), recently said he expects existing-home prices to hold
steady this year at the 2007 level of $217,600.
Meanwhile, lower prices in Florida offer buyers an ideal opportunity to
upsize, according to Barbara Bellani, sales associate, Coldwell Banker in
Coral Springs. "This is a great time for the growing family to buy upward,"
said Bellani. "The mathematics are compelling."
For instance, Bellani said one Broward family recently sold their home
for $300,000, a price $30,000 or 10 percent below its peak. Then, they
purchased a larger home, originally priced at $500,000, for just $400,000
for a net gain of $70,000.
Looking ahead to 2008, broker Ron Shuffield, president of Esslinger
Wooten Maxwell (EWM) in Coral Gables, believes sellers are becoming more
realistic about the market. "Everyone agrees that the long-term outlook for
Florida is very bright," he said, "so the next year will offer some real
opportunities for buyers. Compared with 2007, we're expecting a pickup in
sales volume but with lower average prices."
The Florida Association of Realtors (FAR), the voice for real estate in
Florida, provides programs, services, continuing education, research and
legislative representation to its 150,000 members in 67
boards/associations. FAR's Media Center Web site is available at
http://media.floridarealtors.org.
Editor's note: This is the second in a series of five articles focusing
on the advantages Florida's residential real estate market currently offers
to buyers.
SOURCE The Florida Association of Realtors
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Related links:
http://media.floridarealtors.org
CONTACT:
Marla Martin, Communications Manager,
+1-407-438-1400, ext. 2326, or Jeff Zipper, Vice President of
Communications, +1-407-438-1400, ext. 2314, both of The Florida
Association of Realtors
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