University of Florida Economist Says “Real estate recovery has begun”
Here on the Treasure Coast of Florida which includes the towns of Port St. Lucie, Stuart, Jensen Beach, Palm City, Traditions, and Sewall’s Point, we have seen a surge in buyers over the last six months. We can tell by the number of multiple offers on REO’s (bank owned properties), and other distressed homes, that the market has been turning around for months. Now an Economist with the University of Florida has come to the same conclusion. While sales prices have not gone up much, this is still great news for traditional home sellers. The market needs to clean these distressed properties out before “normal” home sales begin to increase.
If you are in the market for a home in Florida, now is the time to jump in. First time home buyers (anyone not owning a home in the last three years) can qualify for up to an $8,000 tax credit if they close prior to November 30th, 2009. There are several bills in Congress seeking to extend and even increase this tax credit, but there are no guarantees any of them will pass.
If you are an investor, now is also the time to buy in Florida, and the Port St. Lucie, Stuart area has some of the best deals in the state. We are seeing REO’s coming on the market that are only a few years old, CBS, and ranging in living square footage between 1600 – 1900 sq. ft. for under $100,000. While these listings are in the MLS for under $100,000, our research is showing closing prices on these homes anywhere from $10,000 - $30,000 over the original listing price.
According the economist with the University of Florida, the retiring baby boomers will be coming to Florida to settle. Some will get in on these deals now, others will be buying the homes the investors have rehabbed and rented out for awhile before putting them back on the market for a nice profit. The baby boomer influx is supposed to last over the next 15 years. If everything goes well, Florida should be looking at 15-20 years of real estate growth.
If you would like us to create an Auto-Search of the Multiple Lising Service for the Port St. Lucie / Stuart area, please fill out this short form and you will automatically recieve listings that fit your criteria as soon as they come on the market. You can be among the first to see these deals!
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University of Florida economist article on FloridaRealtors.org
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Tagged with: First Time Homebuyers • Port St. Lucie Real Estate
Filed under: For Buyers • Our Listings
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I am happy for myself and my family that I found a realtor in St. Lucie County that possessed the basics, advanced knowledge of the area, an understanding of the very volatile local market, and an incredible devotion to getting me into not just any house, but MY house. That realtor was Brad Colean and the rest of his team.