The South Florida region knows too well that the real estate slump has truly hit the housing industry real hard, with vacancies rising and leasing rates falling down.

While the residential markets are bearing the brunt, surprisingly, commercial properties here continue to fetch record prices and have remained buoyant because of much lower vacancy rates.

A Quick Overview Of Commercial Property Markets In South Florida

A closer view of the areas markets reveals just how poorly commercial real estate is faring, at least in terms of occupancy. In Miami, for example, residential units in the central business district increased 55% since 2000, while the office increase was 9.5%, according to local real estate industry observers. And even if developers contemplated a new office building, the construction companies were likely tied up with residential jobs until recently, notes some analysts. Overall, South Florida’s economy has been steadily improving, and those forces have combined to boost the office market there.

Why The Commercial Market Wasn't Hit As Hard As The Residential Sectors

According to housing market analysts, unlike the residential market, where investors are most often private individuals, commercial real estate investors are more diverse and not nearly as tied to mortgage rates. Florida commercial property market also investors include institutional buyers such as pension funds that pay cash instead of borrowing money. Many analysts have noted that there’s still strong demand for commercial real estate, particularly among foreign investors, and many don't see any slowing of investor interest, particularly in retail and hotels.

As home-ownership trends are tied directly to income and interest rates, observers have noted that home buying was made unusually affordable in the past few years because of low interest rates and the popularity of mortgage-financing options such as interest-only loans. This trend has led to high demand, a lot of speculation and lots of new building.

However, when interest rates began to soar, it became much harder for individuals to afford or even to qualify for housing loans. This end result has produced a glut of homes and condos in many areas. While interest rates also affect commercial mortgages as well, cheap debt has been one major factor why there has been so many bidders on the commercial buildings sold over the past few years, which have pushed prices to record levels and yields to record lows as well.

The Office Markets May Be Slow, But The Retail Sector Is Booming

Some commercial market analysts note that they are seeing some softness in the office sales market, particularly in Broward County, where they aren't well tenanted, but are seeing high demand in the retail sector, where grocery store-anchored centers are selling quickly as soon as developers finish them. Rental rates in the west Miami-Dade industrial markets] are down currently, however, the value of commercial properties has gone up, even in weak markets like today, as more investors prefer real estate more than equity markets, and have paid premium prices to be in this real estate market.

The real estate market continues to remain a cyclical industry notes industry analysts, and it is early in the office sector's recovery. Those investors who paid really high prices for commercial buildings, especially those who funded these using floating-rate debt or interest-only loans in the early years, are hopeful on their optimistic growth projections to deliver.

To be exact, the office recovery is uneven in most markets, as longtime struggling office markets like the one in Dallas, Texas are improving despite high vacancy rates from previous overbuilding. Other areas like Cleveland and Detroit are also slightly improving, despite limited job growth.

The city of Miami Beach is a famous international vacation destination, drawing tourists from all over the globe, and from other states as well.

The city is renowned for its wonderful Art Deco district, exciting and diverse dining and entertainment establishments, wide array of outdoor activities, and wonderful real estate options. In a recent study made by the National Association of Realtors in 2007, the state of Florida was considered the top destination for foreign buyers, who have accounted for around 26 percent of all transactions, and was ahead of California which was at 16 percent, Texas at 10 and Arizona at 6 percent.

A Lot Of Overseas Buyers Are Gobbling Up Condos Here

According to housing market analysts, more than 7 percent of all homes in the state were sold to foreigners, and an estimated 65 percent of real estate agents have noted that they had brokered at least one deal involving overseas buyers. More foreign buyers are stepping in to buy condos at a discount in this area, where prices have considerably dropped by 20 to 30 percent.

Among the motivating factors for more foreigners buying into condos here, is that the depreciation of the dollar has made overseas currencies much stronger. Canadian buyers, also were seen to have a particular interest in purchasing homes within the US, because the Canadian Dollar has been 25 percent stronger against the greenback in the last two years, which makes these types of buyers more than willing to pay for these condos with cash.

More Foreign Buyers Are Prepared To Buys Condos In Cash

It was noted by the National Association of Realtor’s study that a large segment of foreign buyers come prepared to pay for condos in this lovely South Florida city with cash. Foreign buyers here have noted great deals in the sale of beachfront condo buildings, and other properties with stunning waterfront views.

However, a large number of condo buyers also come from areas within the United States; with many coming from New Jersey, New York, California, Illinois and Texas. But housing market analysts note that local buyers continue to remain a minority in the overall percentage of condo sales. Its great t know that the condo market in this lovely city is not a local market, since it’s a global one, and although the prices may not sound cheap for local buyers, these wonderful home developments sure look like a bargain to overseas buyers.

Overall, the city has seen a 19 percent reduction in its total condo supply levels since last January. Foreign and out-of-state buyers are also much more likely to buy a condo unit in Miami Beach than they are anywhere in the Miami-Dade region, and the market will continue to see a widening gap between the Miami and Miami Beach condo supply numbers in the coming months ahead.

Many note that the combination of the weak dollar and the unique appeal of the city as a thriving, diverse, cosmopolitan, multilingual metropolis are helping to prop up a slumbering and overbuilt condo market that had been expected to suffer greatly because of the housing crunch, but until today, has only seen a small drop in prices as compared to other housing markets in the state.

The city of Sarasota is considered one of the best mid-sized cities in Florida, and in the nation as well. The city has a unique combination of natural vacation destination feel and a wholesome urban setting.

The city's downtown district today is a kaleidoscope of unique architecture and development trends, which serves as a magnet that attracts people from all walks of life over the US and overseas as well. In the city's Downtown Main Street, a lot of new condo, office and retail developments have created a wonderful and thriving financial,business, shopping and leisure district that offers residents and tourists a wide array of urban activities, comforts and amenities.

Located directly on the Bay, the city's downtown district is an area that offers vibrant and exciting atmosphere . Residents and tourists will find here dozens of shopping centers, museums, art galleries, restaurants and a host of special events every year. People here can walk down Main Street and go to a lot of wonderful restaurants, opera, theater, art galleries, Marina Jacks, shopping and the well-known Whole Foods Market.

This part of town also offers home buyers and investors a wide variety of housing options, ranging from simpler one-bedroom apartments to luxurious penthouse condos at places like the Ritz Carlton Residences, and have prices ranging from $300,000 up to a million or more.

Property Sales Stats Are Up Lately

The Sarasota Board of Realtors recently issued a press release, which reported that overall Sarasota real estate sales for February wen up by around 28 percent. The SAR also noted that that pending sales levels were also very high, which serves as a positive indicator for a stronger property market ahead. According to SAR figures, the local hpousing amarket saw a significant rise in February levels in overall property sales.

According to the new figures, there were 423 property sales noted in the city’s MLS, as compared to only 329 sales recored in January of 2008. In addition, pending sales levels also rose up to 654 in February, which the SAR notes is the highest level ever recorded in nearly a year. The last time the area noted a higher pending sales level was in March 2007, with 706 pending sales. On the actual home sale front, The SAR and its members sold around 294 single family homes, along with 129 condominium units.

While sales figures were robust, the median sale price for multi-family homes and condos continued to fluctuate; single-family units saw a small increase in the median sale price, from $265,000 in January 2008 up to $285,000 in February The city's downtown area property market also continues to adjust to lower prices, and there continues to be hundreds of available condominiums listed in the city's MLS service.

New Downtown Condo Developments

Among the newer condo developments in the city's downtown district are Plaza at Five Points , 1350 M ain Burns Court Villas and 100 Centra . The established condo developments here include the Sarabande and Tessera .

The condos in the downtown area offer upscale and luxurious amenities, such as resort-style swimmingpools and upscale services provided by the newer condos such as 24 hour concierge, heated pools and spa, fitness clubs, spas, media rooms and more for the enjoyment of buyers. Each condo development also has different regulations with regard to pets and the number of cars allowed.

We all know that most real estate agents are employed by brokerages, and many brokers still do business the usual old-school way.

Today's brokerage firms need to promote the fast-rising art of blogging to their individual brokers, because it enhances both the agents' and the brokerage firm's Web visibility, which means that they'll be able to corner more deals and widen their customer base

How Real Estate Firms Can Convince Their Brokers To Blog

In order to get a firm's individual brokers to embrace the art of blogging, a real estate company needs to convince agents, in layman terms, that blogging helps to enhance their marketing and lead generation capabilities.

A real estate firm also should be able to provide education and coaching to help overcome the major hurdles that blogs present to brokers, which are: Learning the blogging application, writing content, and understanding how to develop a successful blog through networking and other methods.

A real estate company must also be able to provide a system wherein their agents would only need write one or so articles per week, instead of forcing them to write 3 to 5 articles per week that are usually the norm of a lot of real estate blogs. Another good method of enticing individual agents to blog, is for the company to create a new type of blog-enabled Web site that aggregates a number of its agents writing blog articles, so each agent doesn't have to write so much.

Entice Agents To Have Their Own Blogging Sites Too

A brokerage firm could also encourage their agents to have their own blog properties, as this will help them in the long run to be their personal marketing medium for the rest of their career. A multi-user blog platform would also let individual agents to develop their own personal blogs for marketing while contributing to a main broker blog as well. The blogs they personally maintain would serve as their "portable" marketing vehicle, which is what most agents will want.

Let Brokers Know The Potentials Of Blogging

It's also nice to let individual agents realize that through blogging, they could help provide prospective home buyers authoritative and quantitative data about houses, whether it be data about square footage, number of rooms, etc, without telling them yet what the house is really worth. Bloggers can help fill that niche with "qualitative information."

Industry experts view that blogs sites help empower consumers, by allowing them to make better home purchase decisions, obtain services at a better price, and find better agents and consultants as well. It may even help them reduce that typical 6 percent broker's commission when they sell a property.

Blog sites could also serve as independent housing industry watchdogs, that will warn buyers away from crooked or incompetent brokers or overpriced new homes. These blogs can also let buyers know that a neighborhood may not be safe, or that an area is close to a noisy factory, or that airplanes fly directly overhead during early morning.

The general definition of commercial real estate commonly involves referring to a vast array of office buildings, licensed brokers, available listings, company agents, sale prices, high rise leases, loans agencies, developer conditions, offices, spaces with views, for sale listings, special sales on office rooms, lending agents, appraisal companies, leasing terms, public parks and auction prices for land.   

The Miami commercial real estate scene, and the whole of South Florida as well, continues to be buoyant despite the wrath brought about by the mortgage crisis.  While the residential market continues to get a beating, the commercial property markets, although also feeling the brunt, continue to attract buyers, and does not succumb to the pinch caused by rising mortgage rates, foreclosures and falling median home values, owing to the fact that commercial real estate investors tend to be larger firms or investment trusts, and not individual home buyers.    

Miami-Dade Office Markets Continue To Be Attractive

The softer demand seen today in the office space market  will, according to analysts,  result in a higher vacancy rate and a more moderate pace of rental growth in Miami-Dade County this year, although overall conditions will remain relatively healthy, based on the 2008 National Office Report by Marcus & Millichap.

Vacancies will increase this 2008, however  the long-term outlook is positive, as demand is seen to rebound in 2009.  The report also includes the firm’s annual National Office Index, which analyzes and ranks 43 office markets based on a series of 12-month, forward-looking supply and demand indicators. Miami moves down six places this year to No. 23. 

According to the regional manager of Marcus & Millichap, properties in infill areas in North Miami-Dade County, Hialeah and Kendall will continue to be attractive defensive investments, because of the area’s record of steady tenant demand and difficulty adding new supply.  The reports highlights include: builders are expected to complete 600,000 sf of for-lease space; vacancy is forecast to stay at 9.7% by year-end; asking rents are projected to increase by 4.6% to $30.32 psf; and effective rents will rise 4.1% to $26.01 psf.

The South Florida Region Continues To Rank High Among Commercial Real Estate Investment

According to Real Capital Analytics' recently released report on global property market transactions, the South Florida region ranks 15th globally for commercial real estate deals.  The report is the first to exhaustively track transactions in major metropolitan areas globally, and has tracked $1.04 trillion in office, industrial, hotel, retail, land and apartment sales worldwide in 2007. In all, 114 metropolitan areas tallied more than $1 billion in transactions. 
 
South Florida is ranked as the 15th-largest metro in the world for commercial real estate investment, and is also one of those very desirable markets, with a large number of conglomerates who want to invest there. South Florida's popularity as an international travel, trade and business destination creates familiarity among foreign investors, the report adds.  It also helps to lower the notion of investment risk, because the region's commercial leasing, sales and consumer markets are not just totally on U.S. economic conditions and demand. 

South Florida's emergence on the world investment sales scene parallels its rise as an international hub of commerce. Real Capital Analytics' report further notes that the bottom line is that South Florida, because of its strategic location, has become attractive to international trade and the whole world.

The city of Fort Lauderdale, located in scenic Broward County, Florida, is a thriving and vibrant metropolitan enclave, and is blessed with an economy that has a tableau of diverse services and commercial activity. While the city has successfully retained its small town roots and demeanor, it has also embraced the global economy. 

The city's competitive edge in the  global context is ensured through improvements in the area's infrastructure and city services, and through the years, the developments have literally paved the way for the balanced modernization and development of the city.  This urban center is known for offering an outstanding quality of life, highlighted by a wonderful semi-tropical climate, natural beauty and offering an array of cultural, entertainment, educational and financial amenities.

A Look At The City's Luxury Real Estate Market  

For those who are interested in having their own piece of the city's luxury real estate market, here's a quick overview of current luxury property market conditions here.  

During the month of March 2008, in Broward County 34 single-family homes were sold at prices ranging from $1,000,000 and above, based on the Southeast Florida Multiple Listing Services (MLS). These homes were sold at final sales prices which ranged between $1,000,000 and $6,450,000.  Of the 34 luxury homes sold, 20 were homes that have access to the ocean. The luxury homes recently sold were  located in Ft. Lauderdale, Davie, Deerfield Beach, Hallandale, Hollywood, Lighthouse Point, Plantation, and Weston.  

These homes were also situated in the subdivisions of Harbour Islands, Birch Park, Coral Key Villas, Coral Ridge Galt, Golden Isles, Harbour Beach, Hawks Landings, Hillsboro Isles, Hollywood Lakes, Lake Estates, Lighthouse Point 4th, Long Lake Ranches, Miele-Simonson Estates, Navarro Isle, Nurmi Isles, Plantation Acres, Stonebrook Estates, The Cove, The Landings, Venetian Isles, Weston Hills, Windmill Ranch Estates, and Windmill Reserve.

This Area Is Seen As A Seller's market At Present 

According to regional housing market analysts, the city's housing market is seen to tilt towards being an active sellers market.  Homes for sale here usually average around 30 days on the selling block.  The city has a limited supply in its housing inventory, average home prices range from $280 to $340,000, which is up by 10% to 15% or more as compared to last year's levels.   

The greatest activity here is seen among moving-up and relocating buyers, who are mostly setting their sights on single-family homes; condos and townhomes.  Single-family homes are currently the ones selling quickly here, with condos and townhomes in short supply.  Anything located on the waterfront is considered as a property market hot spot here, along with the townhomes in Victoria Park. 
 
Having a robust economy and balanced economic climate helps to allow Fort Lauderdale to establish itself as a world-class international business and financial hub, and as one of the most desirable locations for new, expanding or relocating businesses. While formerly known as a tourism-based economy, the city now is able to support a more diverse array of industries, which includes shipping, manufacturing, finance, insurance, real estate, high technology, avionics & aerospace, as well as film and television production.

The concept of green building basically refers to a design process that evolves out of the mindset of creating a healthy connection with the natural landscape, and points to a set of decisions or processes that consider the site and materials, which helps to reduce cost, maintenance, and energy usage of the home.

The central theme of the green building approach is conservation, and into ensuring that homes are healthier, safer, more comfortable, and have less operating costs. This concept allows people to connect to the land and community around them. Below are some valuable tips in implementing simple but helpful green building ideas for the home.

Ensuring the Use of Renewable Or Recyclable Materials

In implementing sustainable home building or maintenance regimens, it’s best to utilize locally produced, and easily renewed, materials whenever possible. Homeowners could consider utilizing alternative building materials like rammed earth, straw bale or insulated concrete panels. Concrete floors utilize the foundation material as finish floor, thus helping you to save on materials and labor.

Recycled wood floors also serves as attractive re-usable materials as well as bamboo floors, which are made from a rapidly renewable source, as bamboo is a grass that can grow several feet per day. You could also use hard surface floors that do not hold dust, molds, and allergens, and are very durable. Remember to utilize materials that have considerable recycled content as much as , like cellulose insulation, Thermo-ply, and lumber composites. In addition, try placing a storage bin in the kitchen to recycle household trash, as well as a holding bin in the garage.

Learn To Fully Optimize Your Homes' Heating and AC Systems.

You need to remember that an oversized air conditioning system at home will cool too quickly, and could leave your room feeling clammy or sticky. Smaller AC systems run long enough reach the desired temperature levels, and also helps to clear the air of humidity. Smaller AC systems lasts longer and more importantly costs less to purchase. You should also need to check for leaks in duct work joints, and around windows, doors, exhaust pipes and electric outlets to lower electricity bills, and perform regular maintenance checks of central air conditioning systems to prevent air loss.

Leaner How To Reduce Water Usage

In reducing water usage at home, remember that native landscaping that is suited to the rainfall in your area is fundamental to building green, therefore you need to keep as much native growth on your lot as possible. The use of front-loading washing machines also helps to reduce energy and water use. Some dishwasher models also use lesser water and have no-heat drying. Before purchasing appliances, it helps to first check water and energy usage before buying one, and buying low-flow toilets and shower heads helps to cut down on water usage. Lastly, learn to reduce water and fertilizer needs by re-cycling yard waste and leaves for use as mulch.

Homeowners also need to use safe materials, to ensure their family lives in a healthier and cleaner home environment. Each one in the household should make it a habit to use products that are biodegradable, non toxic and water based materials. Avoid using products that contain dyes, ozone-depleting components, heavy metals, formaldehyde, or known carcinogens, as well as solvent-based finishes, particleboard, adhesives, some carpets, and other products that release volatile chemicals into the air. Before buying any materials for the home, you should look for green-rated labels on carpets, appliances or other products.

Broward County, Florida has 28 incorporated towns and cities, of which Fort Lauderdale is the largest incorporated city, as well as the county seat of government.

The region has a population of 1.7 million people and has a subtropical climate, This county continues to attract new residents and visitors. Its economy is largely based on tourism, retailing, construction, light industry and services.

Where The Hot Residential Markets Are Located

According to regional housing market analysts, the area will continue to see strength in its housing markets, particularly in areas like Pinecrest, Coral Gables, Key Biscayne and Miami Beach. All of those markets, especially for the high-end segment, will get higher, because those strong price points have been established in major urban areas of the county, and the area’s home price levels are still half what they are in southern California.

In Broward County, the real estate market in Coral Springs is strong, and now Davie is becoming strong, as this is where one will see some of the most expensive homes in Broward, which area million-dollar homes on one-acre lots. In areas like , Plantation, which is located in the center, there are million-dollar homes, and homes that have prices ranging from $300,000 to $500,000.

In Broward County, the hottest residential areas used to be located just on the waterfront. If someone bought a home in the early '90s in areas like Weston, and wanted to resell it two years later, you’d probably get much lower values. What happened before was that you could buy a new home from a builder for the same price]as a used home that a guy had for two years. That was the case when there was more land; however these days there's no more land left to further develop. In the past few years, outwest, properties have appreciated at the same rate as some of the properties east. Weston and Davie are doing quite well too.

The Foreclosure Markets Are Heating Up Here

Many real estate investors, buyers and brokers today are interested in efficiently locating foreclosure properties in Broward. Buying foreclosed real estate is a lucrative idea these days, especially in places like Broward County, where nearly everyone is scrambling for getting great deals. With a rapidly-growing population, Broward County is seen as a growing foreclosure market in the state.

Many housing industry experts and pundits have, for some time, forecasted that the South Florida Housing market would cool. Many are cautioning that now is not the time of panic selling or mass foreclosures, but the quick appreciation of properties that could be counted in the past few years no longer seems to be occurring. While home prices are still going up, they are just not going up as quickly as they had before.

In Fort Lauderdale, average home prices range from $280,000 to $340,000, which is considerably up by 10-15 percent from last year’s levels, making this a buyer's market, and is considered a major push is in the single-family homes, as well as condos and townhouses. Home buyers who are relocating to Florida are the biggest clients, and pre-built or pre-construction, as well as single-family homes are slowly picking up.

Recent housing industry market studies have yielded a more positive view of the appreciation rate decline, which is revealing evidence that real estate in Florida will be affordable once again, and is setting up for a correction after the mortgage bust.

As almost all the elements of a healthy real estate market are already set in place—an increasing job market, the influx of both domestic and overseas migrants, and high fertility rates, declining mortgage interest rates, and a scarcity of undeveloped land—these factors will help to make the real estate industry here a robust and thriving one again.

What Happened To The Housing Market Previously

As seen in the previous years, real estate prices in this state have been reaching record highs, which created a market wherein investors and individual home buyers could buy low and sell high almost overnight. However, these days, as supply has finally surpassed demand, home values and prices are falling and investor interest is dwindling.

In June, 2006 for instance, home sales were down 30% in all of Florida, while condo sales decreased 35%. In Naples, Florida for example, which was the area that had the highest real estate prices in the country with the average single-family house priced at over $450,000—home sales dropped a shocking 48%, while prices also dipped by 8%.

New luxury condo complexes had been sprouting all over the state, however condo sales slid by 31% in both Miami and Ft. Lauderdale, while the condo markets in Tampa were hit with a much gloomier 47% drop. Major urban centers such as Orlando, Miami, Tampa, and Ft. Lauderdale are becoming overcrowded and unaffordable to most prospective home buyers, therefore investor interest has begun to shift to less-developed areas in the state that have not fallen prey to speculators, unrealistic prices and very dense population levels.

These days, mainly residential areas like Hernando County are gaining headway by boasting reasonable prices that have adequate room for appreciation, and unlike before where investing in a declining market was considered very risky, investing in preconstruction offerings is seen to provide a safety cushion against such hazards.

Dropping Home Prices Mean More Choices For Buyers

These days, with home prices dropping considerably, most residents here can now be able to get a higher-quality residential property for reasonable prices and the lower rates as well, and will allow more people to take advantage of the abundance of jobs in areas that they would not have been able to afford a few months ago.

Florida has high potential for lucrative long-term investment, as the state’s growth will propel a gradual home value appreciation movement, without displacing residents who have more modest incomes. A lot of industry professionals and analysts see the current softening as a positive indicator, which serves as a nice way of ridding the market of incompetent home developers, speculators and flippers who were the major factors for driving home prices to totally unaffordable levels.

A steadily climbing job market and an influx of new residents is being viewed as contributing factors to the state’s quick recovery from the housing mess. Even as many so-called doomsayers and “experts” panic over the long-term effects of the real estate bust, others are looking to the depreciation as a positive indicator, as most residents do welcome the lowering of home prices, as previously, many prospective home buyers were left out in the cold due to soaring property prices which led to truly unaffordable levels for most.

Situated just 50 miles south of the Tampa Bay region lies the lovely city of Sarasota. This southwestern Florida city is generally considered to be a tropical paradise and praised by many local and international travel and business magazines.

It surely never fails to amaze its visitors with its stylish Caribbean-style beaches, calm year-round climate, and an exciting destination for individuals who long for an active and interesting outdoor lifestyle which includes swimming, boating, golf, tennis or horseback riding. However, unlike the usual beach and vacation destination, Sarasota feels like an urban haven too, as the area's downtown developments have also flourished through the years. This lovely metropolis is also home to the Florida West Coast Symphony and the Ringling Museum of Art.

Living in this year-tround vacation destination indeed, can be definitely one thing that most individuals and their families can look forward to, in which one can easily wade through a beach and not be too far from enjoying the urban comforts, like lounging on sidewalk cafes and restaurants, looking for busy at its shopping districts, and looking with awe at the impressive residential neighborhoods and its truly friendly and sociable residents.

How The Sarasota-Bradenton Housing Market Figured In The 1st Half Of 2008

For assessing the overall performance of the area's real estate market, statistics from the Florida Association of Realtors for February home sales for Florida noted that home sales in the Sarasota-Bradenton market dropped 10 percent when comparing February with the same period last year. This figure of homes sold dropped from 672 to 608.

According tot he FAR data, only two Florida's housing markets improved from February of 2007, and they are the Fort Pierce-Port St. Lucie, which went up by 4 percent while Fort Myers-Cape Coral, a market that had the highest per-capita number of foreclosures in the country in February, went flat with just 445 home sales. Home prices also took a downturn, as they fell 25 percent in the Sarasota-Bradenton area, and around 20 percent in the Charlotte County-North Port region. Although this may sound quite drastic, it was at roughly the price range that houses have held for months. According to the FAR, the $254,200 February median price in Sarasota-Bradenton compares with $246,300 in January, $246,900 in December and $267,700 in November of 2007

Home Sales Here Fared Much Better Than Some Major Markets.

According to additional data from the state realtor's association, Sarasota-Bradenton's 608 home sales were more than all but three of Florida's 20 largest markets, and this were Jacksonville, Orlando and Tampa-St. Petersburg-Clearwater. The FAR further notes that there were only 244 homes sales in Miami, and for such a much larger housing market, that sounds amazing. According to some local real estate brokers, they have seen a lot of where properties are worth less two or three years later, however they've always been higher five years later, and it's a fact that we're going into our third year of a tough market now.

The FAR's recent data shows that homes in this region are becoming affordable again. The Sarasota MLS indicates that there are around 645 homes for sale under $150,000, and a prospective home buyer can buy a beach front condo just under $500,000.

The city of Miami Beach is located just off the mainland of Miami, Florida. Famous for being called "America's Playground," the city is a popular summer destination, where tourists love to go sunbathing, partying, go do a wide array of water sports and outdoor activities, and dine in the area's lovely collection of restaurants, cafes and enjoy the vibrant nightlife as well.

The city's historic Art deco District is also one area worth visiting, as the collection of uniquely-designed buildings and structures is surely one great sight to see. The city experiences an influx of visitors especially in the winter season. Many of those who come over this lovely city rent or purchase condos or townhomes, for either as vacation or permanent homes.

Where To Look For Good Home Deals Here

One good venue to find wonderful deals on the city's condo or townhome markets, is on the Internet. These days, there are a lot of online Web sites of local and national real estate brokers, who have long-standing professional relationships with condominium developers and owners in this city, and look forward to selling their many housing units being offered.

These online sites also give advice to those who wish to purchase condo or waterfront homes that have access to a marina or harbor. As the city has many marinas or ports are located throughout the area, and offer easy access to the Intracoastal Waterway, Biscayne Bay and the Atlantic Ocean. You may also check out the city's Multtiple Listing Services (MLS) sites, and see a more current and updated listing of homes or condos being offered.

Location Matters In determining A Property's Price

One major aspect in finding out what exactly determines the price of a home or property development in this city, is in knowing where the development is located. Based on information gathered from local real estate brokers, some of the upscale, and truly expensive condo units or homes in Miami Beach could be located in the area close to, or around the Miami Four Season Residences. The Four Seasons Residences is one pricey residential development, which has units that are being offered from around $700,000 to above $ 6 million.

New condo developments and buildings are also found in various parts of the city, and those very near the ocean are the ones sure to cost a fortune, or a bit higher than the rest. There's a place called Wynwood, which is quite closer to South Beach district, which has seen the growth of many condo developments, and smaller but very pretty apartment units. The condos in the South Beach District are also famous for being pricey and truly upscale developments.

Despite the glitch brought about by the recent housing crunch , the city's tourism market is still thriving, along with the rest of the arts and culture, dining, entertainment and recreation scene, and is expected to continue to cater to around 7 million tourists annually, both domestic and international. This lovely barrier island takes pride in having around 8 miles of lovely of white-sand beaches, and offers visitors a wide array of shopping, dining, entertainment, cultural and real estate amenities to choose from.

For those who are anxiously waiting for home prices in Miami-Dade County to drop further before buying a house, according to some real estate analysts, then you may want to start looking for that home these days.

Is this sounding too positive or what? However, according to a recent Miami Herald report regarding the local housing market, the sales figures for single-family homes here are currently down by 59% from last year, and prices have dropped by 4% as well.

Home Price Levels In South Florida

In Broward County for instance, home sales are considerably down by 34% and home prices have also slid by 4% from last year. The condominium market here seems to be taking a heavy beating as well. In the Miami-Dade region, condo sales have also dropped by 53% and prices have risen 3%, while in Broward sale are down 23% and prices are also down by 17% since November. According to some regional real estate brokers, the inventory for unsold single-family homes are down by 2% in Broward County from October.

With news like “The area housing market still slipping”, this should sound like welcome news for anyone who has been anticipating a considerable fall in home prices in the Miami-Dade or Broward areas. According to regional housing analysts, the bad news for home sellers is that some economists are speculating that we have not yet seen the worst. Some say that the market has not hit the bottom yet,” and while some potential homebuyers are waiting to see how low prices will fall, others are not

Prospective Home Buyers Should First Analyze Local Market Conditions

For those who are pondering on purchasing a new home, first you need to study your local market and see what the prevailing trends are. While you look around, you'll always be reminded of just how bad things are with the real estate market. You'll hear plenty of stuff regarding the lack of qualified buyers, too much housing inventory, overvalued home prices are overvalued so forth. and the list goes on.

While a lot of negative stuff is happening on the housing front right now, and the Miami-Dade area is ranked among the most overvalued markets in the country, there still is a reason why those selling a condo in these areas need not pay too much attention to the negative news. In article titled “10 Reasons the South Florida Condominium Market is Hot”, you'll read a lot and would learn to keep things in their proper perspective. The article stresses what it is about South Florida that makes it an irresistible place to buy a condo or single-family home. Among the reasons why more will come to buy homes here are:

- The weather. While half the nation is freezing right now, residents of South Florida could very much afford to bas in the sun, sand and lovely beaches.

- Spectacular Views. A lot of condo developments in the Miami-Dade region offer spectacular views of the water, whether they be located off the Atlantic ocean or off the yachts and estates lying on the Intracoastal waterway

- Great Values. The oceanfront and waterfront Miami real estate properties are highly sought after and rarely experience a decrease in value.

Recently, around six of the country's biggest home mortgage lenders announced that they will temporarily halt some foreclosures in order to allow homeowners a reprieve of 30 days to renegotiate their loans.

The recent pronouncement by lenders like Countrywide Financial, which is Florida's largest mortgage lender, Washington Mutual, Bank of America, Citigroup, Wells Fargo and JP Morgan Chase, went into effect as the nation's economy continues to slide toward a deep recession, according to forecasts by leading economists.

What Washington Is Doing To Reverse The Trend

In Washington, the leaders of major home lenders and U.S. Treasury Secretary Henry Paulson met to announce the launch of Project Lifeline, a program that is aimed at helping homeowners who are at least 90 days behind their monthly mortgage payments. Homeowners however, would not qualify for the plan if they are already in bankruptcy; have a foreclosure sales date less than 30 days away; or bought a home as an investment; or if the property is not occupied.

The US Treasury Secretary noted that the project "has the potential to offer new solutions to responsible, able, homeowners who want to keep their homes." He also added that the $168 billion economic stimulus package that President Bush recently signed, as well as the government's housing initiatives, would help to jump-start economic activity. However, some critics voiced that much more needs to be done in dealing with the next wave of foreclosures in the coming two years.

How The Plan Would Help Affected Homeowners

According to mortgage industry analysts in Florida, a 30-day reprieve might help a few people catch their breath, but that it won't be enough to resolve the mortgage crisis. Some economists are forecasting that the number of foreclosures could soar to 1 million this year and next year, which would almost double the rate set in 2007.

The concern has grown even more rapidly in South Florida, where the housing boom of 2000-2005 has ed some to buy homes they could not afford, and more than 3,750 homeowners were at least 90 days lagging on their payments in Palm Beach and Broward counties at the end of December, according to data from Realestat.com. This figure is almost three times the number of homeowners who lagged behind on their payments in December 2006. Project Lifeline will benefit holders of all types of mortgages, and represents a broadening of an initiative announced by President Bush in December that offers a freeze in subprime mortgage rates that are scheduled to be reset to sharply higher rates for home borrowers who qualify for assistance.

Economist note that they see little hope for a quick turnaround of the nation's economy. Many note that it can be a nasty recession and long, when it is a consumer-led recession, and a lot of economic signals show a recession has already begun, and it could be deep.

Some also note that the credit crunch "would be lengthy and difficult to resolve, as the housing crisis is a direct body blow to the consumer and also to the largest capitalization market in the world, for mortgage-backed securities. Many worry that It will take a long time to rehabilitate the high indebtedness of corporations and consumers, as the estimated losses to the financial sector range between $400 billion and $650 billion.

In a recently released report by private real estate analyst Real Capital Analytics', in terms of global property market transactions, the South Florida region ranks 15th worldwide in the level of commercial real estate deals.

The report is among the first to comprehensively track commercial real estate transactions in major metropolitan areas around the world, and has tracked a total of $1.04 trillion in office, industrial, hotel, retail, land and apartment sales globally in 2007. A total of 114 metropolitan areas had more than $1 billion woth of commercial property market transactions.

How Foreign Investment Is Shaping In Some Areas Of Florida

Foreign investment in most of the state, according to analysts, has been cyclical over the years, pointing to the nationwide savings and loan collapse of the early 1990s, in which outside investors, in which some of the were foreign, came in and got great deals in the overbuilt commercial sector. According to state industry observers, the metropolitan Ocala area for example, would probably be look attractive for institutional or foreign investors, not because of any negative consideration, but simply because of the lack of a critical mass, notes some analysts.

It's also less likely that a pension fund is going to invest in a building in Ocala than in Orlando or Tampa, and some note that for smaller communities you're more likely to see smaller groups investing in smaller properties. Market watchers say that there does appear to be an increase in foreign investment in commercial properties in southwestern, central , southern and eastern Florida these days. Most say that weak dollar is a major factor, along with the strong euro, and ongoing political and economic instability in Latin America, where most nations have sizable immigrant populations in the state.

South Florida Region Ranks High Among Overseas Commercial Real Estate Investment

The South Florida region is ranked as the 15th-largest metropolitan area in the world for commercial real estate investment, and is also seen as one of the most desirable markets, wherein a large number of conglomerates have expressed the desire to invest there. South Florida's rising popularity as an international travel, trade and investment haven creates familiarity among foreign investors, the report adds.

The positive notion also helps to considerably lower the notion of the region as an investment risk, since the area' s commercial leasing, sales and consumer markets are not just totally dependent on local economic conditions and demand. The region's emergence in the investment world scene parallels its rise as an international hub of commerce. The Real Capital Analytics' report further adds that the bottom line is that South Florida, with its strategic location, has become more of an attractive destination for international trade and commerce investments.

Of five sectors in the commercial real estate market - apartment, hotel, industrial, office and retail – the recent global commerical property sector report shows the most staggering increase in the retail sector of the Florida commercial market, with foreign investment shooting up from just around $194 million in 2004, to almost $900 million in mid-2007 and early 2008.

For those who are planning to build a new house or do some major home remodeling, why not do such tasks the eco-friendly way?. The concepts of green building have taken a major foothold in the home building and construction industry.

Based on US Census figures, it was estimated that more than 1.3 million new homes were built in the United States in 2002, and remodelling and home improvement spending in 1996 amounted to $119 billion. Remodeling or constructing your home gives you a chance to help transform the marketplace towards a sustainability and environment-friendly one, and create living space that's better for you and the environment.

Homes Have A Major Effect On The Environment

It's a fact that homes affect the planet,from the use and depletion of natural resource, human health, to overall ecological integrity. Aside from basic health and safety measures mentioned in the building code, there's no requirement to minimize these impacts. A new home construction or remodel would serve an opportunity in creating a symbolic and physical representation of your commitment to caring for the planet, health, and in a vital and engaged community.

Why It Pays To Find Architects Or Contractors Who Espouse Green Building Concepts

One you try looking for eco-friendly home building concepts and practices, you'll be surprised to quickly find one once you tap into the local design community, that there are a number of firms that have gained stellar reputations for going green.

Upon closer observation, you'll notice that within the general category of green, each firm or architect will have its strong points, as some focus on healthy building, while other concentrate on energy efficiency and/or renewable energy, and some apply their expertise on green materials, natural building techniques, or building modular homes. Look for a professional contractor that has extensive applied experience in building green, and will gladlyapply these elements to your home project.

Choosing Green Architects And Home Contractors

- Check Out Their Previous Record For Demonstrated Experience.

First, do a thorough background check on an architect or contractor's experience with green building. Find out if he or she can point to specific projects in their portfolio, and provide references as well. Aside from ensuring that the architect or contractor is licensed and bonded, ask if he or she is a member of green design organizations or has participated in any programs, and if the contractor follows construction practices that minimize pollution and protects indoor air quality and enhance worker health and safety as well.

- Ensure That A Contractor Practices What He Or She Professess.

Aska prospective home contractor or architect how he or she operates their business; like does he recycle in the office as well as on the jobsite? Find out if the green design elements evident,such as environmentally responsible materials and office supplies, energy efficient lighting, fixtures.

- Check If Green Concepts Are Incorporated Into the Contract Details

Architects have standard specifications that lays out the orders for everyone involved in building the house, down to how the paint is applied and what quality of materials are chosen for the cabinets. These specifications are generally customized by each company, and further modified for each project. These specs are a powerful tool in green building, while at the same time, are a legal document, and can be tedious to review sometimes. Ask an architect or contractor to give you an overview of the specifications for your project, and ensure that they cover all these.

Longboat Key is barrier island located off the coast of Sarasota, Florida.

Its sugar-white beaches are famous tourist destinations, along with the area's manicured lawns, southern architecture, and crystal waters. This barrier island is a tropical vision of understated elegance, according to observers, and offers a wide array of wonderful real options for home buyers.

Recent Condo Sale Prices Keep Market Watchers Hopeful

Recently, the area got good news; that the owners of the Longboat Key Club and Resort are preparing to invest $500 million over the next several years to revive the famous tourist destination. Recently as well, local real estate brokers announced that two condos on this key sold for what represented the highest price per square foot for condos in the last six months.

A local broker, Judy Kepecz-Hays of Coldwell Banker Residential Real Estate Inc. sold a condo unit at En Provence for $3.3 million and another at Sanctuary for a total of $5.5 million. Local realtors have said that they have been seeing signs such as the sale of the two condos, of a rebounding real estate market. The local real estate brokers attributed the sales prices to the condos’ locations and a fine-tuning of the gap that exists in perception of value between the parties to reach a value acceptable to both.

Area Voters Approve Building Of More Hotels & Better Rules For Condo Development

Voters in this lovely island also recently approved keeping a commissioner, as well as in endorsing the notions of getting more hotel rooms and making it easier to rebuild condos. The approval of these measures have been viewed as a chance for the Key to recapture tourists and keep afloat the owners of small businesses and restaurants. Incumbent commissioner Bob Siekmann won over newcomer Gene Jaleski and won a second term on the Town Commission.

The commissioner said that a major property tax overhaul was the town's biggest concern. The rollback, Siekmann noted, could cost Longboat Key considerable revenue, which means that the town has to figure out where to cut services. A few years ago, the hotel market here changed, and it became more appetizing for developers to sell their valuable beachfront properties and cut out of the business altogether.

As a result, the town lost resort space and it struggled to keep pace with other beach spots on the Gulf coast. Adamant supporters of the ballot proposals have said that the commercial market in town is badly eroded, and the high-end tourists who once flocked to Longboat Key are looking elsewhere. Many viewed that the market drove a lot of these mom-and-pop hotels out of here, and the area saw a considerable decrease in tourism because of that. The approvals of the referendum questions serve as a way to bring them back, note supporters.

The area's electorate also amended the charter to make town election schedules consistent with state law. In addition, two proposals regarding development also passed in the recent referendum. The first measure would allow multi-unit properties like condos and hotels, to rebuild at their original densities rather than under the current code. The second measure allows for the opening of 250 more hotel rooms.

The Miami-Dade region has been regarded by many to be the epicenter of Florida's mortgage foreclosure crisis.

In a survey done in 2007 by Money Magazine, it listed 33,160 foreclosures, including those in all of Sunny Isles and Golden Beach, and in some small areas of Aventura and North Miami Beach, and ranked it as the area with the most number of foreclosures in Florida, placing second only to Atlanta in the southeastern United States. The Money Magazine durvey also states that North Miami-Dade zip code even entered the national top 20, with having 480 foreclosures filed in the first half of this year.

Foreclosure Levels In Other Areas Of Miami-Dade

The Money Magazine analysis also stated that other local zip codes which made the nation's top 500 in terms of foreclosure activity, included parts of Brickell, a patch of unincorporated area south of Metrozoo, South Beach, and Homestead. The state of Florida has 72 zip codes included on the list, and most of them are located in South Florida. In June the region had 2175 foreclosure filings.

That was up 167 percent from the same month last year. Sunny Isles Beach was once anything but. The area was founded in 1920 by Harvey B. Graves, and notable places like the Marco Polo, the Aztec, the Waikiki, the Dunes, the Driftwood and a dozen other places, have long been razed down and replaced with high-rise condos and towers.

Peter Zalewski, the man who founded the research firm Condo Vultures in March 2006 to help investors capitalize on the condo glut, notes that Sunny Isles Beach and neighboring communities are "filled with speculators who went in with no intention of staying, and now they're desperate to get out." More than 30 of the most expensive 100 foreclosures in Northeast Miami-Dade are in Sunny Isles, according to Condo Vultures statistics.

How Politicians And Analysts In The Area View The Mortgage Crisis

Most of the region's politicians are pointing the accusing finger elsewhere. According to the mayor of Sunny Isles, he sees little evidence of a high foreclosure rate, and adds that "If it's not oceanside, it's taking longer to sell, but I don't really know where it's occurring," He also adds that "perhaps the foreclosures are taking place in the Eastern Shores area, which is in North Miami Beach, or other parts of the zip code. The mayor of North Miami Beach, Raymond Marin, also added that “that's not the case, as most foreclosures would be occurring in Sunny Isles Beach and Aventura," But that was a different time.

The situation in Sunny Isles Beach, according to local real estate analyst Jack McCabe, "is a great metaphor for the correcting market and for the kind of speculation that's been going on. It hasn't even started yet. He adds that “these foreclosures are going to multiply as the new buildings are being finished, as we all know that Miami is the most overbuilt condo market in the country."

The word condominium refers to a building or residential complex, wherein the units of property, such as apartments, are owned by individuals, and the common areas of the property, like the hallways, grounds, other public amenities and the building itself, are jointly owned and maintained by the unit owners.

Florida is known as the Sunshine State, and is a preffered vacation destination by US and international tourists. The state has a lot of great cities, towns and urban enclaves,which offer home buyers a wide array of choices. According to real estate marketing veterans, there are many aspects to consider when choosing the right condominium unit here, as different properties are right for different personal preferences or budgets, and the factors to be discussed in this article generally applies to almost any area in the US as well.

Selecting The Right Area Goes In Tandem With The Way You Intend To Use The Condo

It's important that one needs to look at the nature of a locale, or area, a sin this state, there are both residential and seasonal Florida condominium areas. A lot of the locations here could be be one or the other. Choosing the appropriate location also goes hand in hand with the manner in which you intend to use the condo you buy, as well as if you are buying one as a second home or for permanent residency purposes.

Figure Out How You Will Use The Property

In properly figuring out just why you need a property, and how you intend to use it now and in the future, must be done prior to seriously deciding on a purchase. You need to find out the basic classification of use, whether the unit or building is for residential or second home use, for long-tern rentals, or a residential or second home that could be rented out during peak periods.

Understand the Local Real Estate Market

Getting a much deeper and better understanding of local real estate markets may be a bit tricky process, since you often need to have all the info required about a specific area or location. These tend to be -markets within a market- and have relative security levels, and you need to know that you will be a participant in the local housing market once you own and the same should you need to sell it someday.

Know A Condo's Use Before Buying One

As each condo development in this state, and other area, has an acceptable use according to the way it was developed, and the intention of the owners who have bought into it. There are also documents that are filed with the local city or town that outline these terms, which would be generally be reviewed or read by you prior to the purchase.

Look At Your Present And Future Needs

By analyzing your your present needs, like do you need to use rental income to pay the mortgage for right now until you sell your house and permanently relocate?. Helps to properly dictate what type of purchase you will be making. You may want a house or condom, and you may not need to rent it at all and wish to choose a totally residential area where rentals are not conducted. In addition, you may wish to get a condo unit that you can use for a vacation, to one that allows aggressive rentals that you feel will increase rapidly in terms of equity, and then resell it later and buy a more residential property in the same area someday.

As a reminder, you'll be given a chance to analyze the items from the condo before you purchase it, and you also will have access to important items like building rules and regulations, along with other policies like allowing or banning pets or prohibiting commercial vehicles. Before you purchase one, you will also be able to review budgets for operation of the common property and its financial statements as well.

This is crucial, because you agree to pay your portion of expenses for the common property according to your level, or percentage of ownership. Lastly, you need to remember that you should treat each property as a separate business being operated that you are buying into, as you will also be paying a maintenance fee according to the operating budget, condition and funding for future items in the structure, so you need to be comfortable with those aspects.

The city of Fort Lauderdale in Broward County, Florida has truly evolved from just being a preferred spring break destination in the 1980's. The city is now a thriving and diverse residential market, and has a very exceptional educational, cultural, retail, and entertainment infrastructure.

Spurred by the redevelopment of the area's beachfront and the Riverwalk, the investments in infrastructure by the city and Broward County government, is an indicator of growing business confidence in this locale, which has previously been known as just an area that is purely dependent on tourism.

What Happened Here During The Previous Years

During the height of the US housng slump, the prices of existing homes in Fort Lauderdale rose by as much as 32% over the past year, putting the median home values at $321,000.

According to economic analysts, the Fort Lauderdale housing market is very vulnerable, as there have been lots of reports of speculative buying." Acording to the Natonal Association of Realtors, there's been so much appreciation that retirees, the traditional buyers of Fort Lauderdale real estate, may be priced out of the market. The market for European buyers still remains a source of demand, however that could quickly vanish if the euro weakens, or is at par with the dollar one day.

Most Indicators Are Down, But The Market Is Still Alive

As the housing slump has brought about a surge in foreclosures and dropping home values, most indicators are currently down, with rices declining and the number of sales dropping as well. But the market is still alive says housing market observers, that is, if the prices are not inflated. Most analysts say that there are markets that are better than others, and times that are better than others,and you need to deal with what you have before you. Some long-time brokers here note that some residential developers changed plans from ownership to rental apartments, because getting these projects financed might be easier right now. However, when the economics shift later, they could soon convert to condos.

Despite The Crisis, Some Are Still Building Homes


Despite getting a lot of negative publicity about its real estate market woes, home builders and developers in this area continue to create and submit building plans to the city, for the construction of new multi-family homes, condos and estates, and construction continues on hundreds of condo units that were approved in recent years.

Some have noted how construction workers recently topped of two high-rise condos at the city's beach district, along with the new construction of a new rental condo project nearby. The city also recently approved changes to a new residential project, called the Eclipse, that was also approved in 2005, but was previously called Brickell Heights.

The development project also won another six months' time, as well as the to change the site plan. The Eclipse will have around 213 residential units when completed. Hom developers here have also in addition, sought and obtained approvals for 629 residential condos or apartments that had been approved several years ago in a slightly different form, but were never started on. However today, these projects will move forward according to developers, despite being in a jittery real estate market.

According to state and regional real estate analysts, the factors which fueled the condominium boom of the last several years are easily explainable. These factors ranged from sustained historically low interest rates, flight-risk safety investments for foreign investors from South America, Asia and Europe, as well as heightened demand and speculation.

These are among the leading factors that led to the fast pace of condominium developments and its "affordable" alternative, which are the conversions of rental apartments to condos. Generally, most of the foreign investment actually took the form of currency plays, which were based on the weakened values of the U.S. dollar.

How Speculators Created Heightened Demand For Condos

Housing market observers have noted that a certain segment of the housing market which was generally based upon pure speculation, and was referred to as "flipping," was the main cause in creating a large demand for condo developments and new projects, and quickly satisfied lenders' pre-sale underwriting requirements.

When it became clear that this speculative activity was based upon buyers who were intent on speculating in pre-construction condos, the lenders required condo development borrowers to place limitations on such activity, which took the form of an array of contract provisions that ranged from prohibitions of contract assignments to buy-backs, rights of first offer and refusal, as well as the sharing of profits in the event of flipping.

With Local Buyers Staying Off, Foreign Buyers Dominate Current Condo Market

Although it’s quite hard to ascertain, it is evident that a mixture of falling prices as well as a weakening U.S. dollar, have prompted foreign buyers to quickly gobble up bargains in the residential condo market. Buyers who come from countries like England, Scandinavia, Ireland and Russia have been purchasing units for both investment and recreational use, according to Miami-Dade real estate consultants and market analysts.

Housing market observers note that the currency exchange imbalance is exactly the opposite of how it was in the 1980s, when the greenback was about twice the value of the British pound. The wealthy upper-income and upper-income foreign buyers serve as replacement buyers for those who have already, or reportedly, moved out of Miami-Dade County, analysts noted, which makes some feel today that the higher-priced real estate seems to be more sustainable than lower priced real estate.

Why The Condo Frenzy Cooled Off?

After the condo boom of the past three or four years, the pace of development seems to have cooled down lately in this market. What factors led to the slowdown in the condo market? Analysts say that increasing interest rates, especially affecting those artificially- low initial rate teaser mortgages, as well as the effects of adjustable and variable rate mortgage products, which had a heavy brunt on some buyers

In some instances, a stronger currency dampened the use of the currency play, as well as the simple market saturation because of oversupply. The most visual example of an oversupply could be best seen in urban markets such as downtown Miami, Fort Lauderdale, West Palm Beach and other urban infill areas, as opposed to resort condos and other beachfront projects.

According to market observers, depending on the areas in Florida, some residential sectors are better off than others for investment buyers, who are looking for good & sound investments, which they could also personally use. Aside from taking advantage of the weak dollar, buyers from countries like England and other European nations are scooping up condo bargains, and some are even participating in auctions and foreclosure sales, which should help keep the market afloat while local buyers keep stay off, and wait for conditions to settle down and go back to normal.

The office space commercial market in Broward County, based on data collated from the end of 2007, has showed signs of stabilization.

While overall, the vacancies went up during the fourth quarter, much of the increase in new vacant space is attributed to the recent completion of three office projects during that period. The area’s downtown submarket gained 268,000 square foot of new inventory, while the completion of 200 Las Olas Circle also added 205,700 square foot, of which 44,000 square foot has been leased.

Rental Rates Steadily Rise In This County

During most of 2007, asking rates steadily went up despite the increase in overall vacancy and negative absorption levels. Overall, the direct average asking rate went up to $18.21 per square foot, which is up by 8.1% from the previous rate of $16.84 psf during the end of 2006. Class A office space also saw a sizable increase in asking rates of more than $2.00 psf since the fourth quarter of 2006.

The increases were largely in part due to the completion of a number of Class A projects during 2007, which led to putting upward pressure on overall rates. However, it remains to be seen whether the local office market can sustain these soaring asking rates while vacancies continue to go up as well. Analysts note that as more office space becomes available in 2008, some commercial real estate observers think that there will be downward pressure placed on asking rental rates this year.

Leasing And Sales Activity Levels

Office space leasing activity, has overall, remained healthy by the end of 2007, garnering around 428,973square foot in reported transactions, which brought the 2007 total lease volume to more than 1.96 msf.

Most of the interest by tenants was concentrated on upscale Class A office buildings during 2007, as high-end space accounted for nearly 56% of all transactions for the year, and the deals included new leases, tenant expansions and renewals. There has also been a slight increase in Broward county vacancies seen during the past year, however it does not seem to have deterred development in the area.

The construction of the 437,000 square foot Atlantic Center is scheduled to start on the first quarter of 2008, and is expected to be completed in 2010. This Class A development will be located in the heart of downtown Fort Lauderdale and has also already signed-up a 25,000 sf health club as an anchor tenant. Construction has also started on new projects like the Sawgrass Pointe II, which is a 93,000 sf Class A office building and would be located on the Sawgrass International Corporate Park.

Analysts note that if county developers use caution with regard to future speculative development projects, the Broward County office market would remain to be a durable on this year, and heading into 2009 as well. Some commercial real estate analysts however think that more speculative development projects may come on line in this county during 2008, and may further heighten vacancy levels and availability rates in the near future.

Located in Broward County, the city of Coral Springs was best known previously as a bedroom community for nearby Fort Lauderdale.

With the expansion of the Sawgrass Expressway, which was close to the city’s western & northern boundaries, along with easy access to the Turnpike and I-95 highways to the middle and east, the city has become more accessible, and has led to a rise in new home developments and the influx of newcomers as well.

The city is best known as a truly well-planned community, and has exceptional schools, low crime rates, lots of parks and green spaces, and a healthy offering of employment opportunities, that have attracted lots of young professionals and their families.

Early Beginnings

This city has a recorded population of around 140,000, with the median household income placed at $65,062. The metropolis was recently ranked 27th in Money Magazine's list of 100 Best Places to Live in 2006, which makes it the highest-ranked Florida city. The area was once one large farm land, which in 1963 was incorporated and initially developed as a retirement community, until an influx of younger families began to buy homes here. The community was owned by Coral Ridge Properties, and grew to become a full-pledged city that is best known for its strict zoning and land use regulations, that are considered to be one of the best in the country.

Buying Homes In This City

Currently, there are many real estate options for home buyers here, and many view that prices have never been better than now. At present, there are over 1,000 homes for sale in this city, as well as over a thousand condos being offered for buyers. Prospective home buyers here are beginning to find out that the best homes being put up for sale here are priced 20% less than they were one or two years ago. Based on the price averages on the MLS in the last quarter of 2007, the average home sales price for a single family home or condo in this city was set at $365,060.

The city is famous for having excellent family neighborhoods that are complete with large parks and wide open spaces, as well as having facilities like a pet park, gymnasium, skating rink, several community pools, a charter school, and also a Museum of Art and Cultural Center.

The city’s close proximity to the neighboring community of Parkland, which is a smaller city to its north, makes for easy access by families to facilities and amenities like equestrian areas, as well as to housing developments which have lots as large as an acre, and other upscale homes in gated communities. Currently, the downtown area remains to be the focus of an extensive redevelopment plan, which is estimated to cost around $700 million.

The plan involves the construction of an open-air shopping and entertainment center called "The Walk”, along with the completion o