The numbers over the last year and a half paint a stark picture of South Florida’s real estate market, which bottomed out in October of 2009. As is inevitably the case, however, “what comes down must go back up.” Lower-end price point properties that sold for $40,000 to $50,000 last summer are now seeing healthy increases to $70,000 and $80,000.
I have been living is South Florida for over 20 years, and have been selling real estate for a dozen of those. It’s been a truism in real estate that once the bottom of the market starts climbing with price point increases, the middle and higher end markets will follow. What had been an anemic market has begun to show signs of life. Presently we have lowered our inventory of homes and condos to half of what they were from 2009. There are many Federal and local government programs that allow assistance and incentives to motivate people to buy.
One example is the “Home Path Program” that allows a consumer to buy a home with as little as 3% down. On top of the assistance programs, we are also seeing historically low interest rates, hovering at just over 5%. The market has finally become affordable for many consumers. (By way of comparison, I remember when I bought my first home in Portland, Maine in the early 1980s, I paid 16.50%. To quote a familiar phrase, “We’ve come a long way, baby.”)
When we review this past season of sales, I am sure we will see that the “snow birds” took advantage of lower price points and amazing interest rates. It’s safe to say that most consumers would rather pay about half of what prices were just 6 years ago. With over 60 million “Baby Boomers” retiring, who wouldn’t want their own piece of the South Florida sunshine? My motto, “Your Life Partner In Real Estate” is more than a catch-phrase: it is a watch word of my business and the professional relationships I have developed through the years. Most of my clients have become my friends and I sincerely believe that finding someone a home is more than just selling a house. Put me to the test; you will be happy you did.
A native of Boston, Massachusetts. Robert Geary MacKilligan works with Galleria International Realty, on Fort Lauderdale’s Las Olas Blvd.
A Bank Certified Specialist, he works directly with Broward Country banks to help buyers own their piece of South Florida’s foreclosure inventory, as well as with investors from all over the world. MacKilligan also serves as sales director on a number of development projects, including locations in Fort Lauderdale, Jacksonville, and New Smyrna Beach, Florida.
MacKilligan has experience working with investors, contractors and building professions on projects from start to finish. Working with an international research statistical company, he follows real estate trends throughout the world, employing strategies that are invaluable when investors are looking to sell properties they own overseas.
Robert Geary MacKilligan, “Your Life Partner In Real Estate.” Cell: 954-234-8759 rgmsell@aol.com.