There are increasing opportunities for residential home buyers in Florida. The opportunities are also ripe for those who want to sell their homes. The Florida Realtors, the state's largest real-estate trade group, reports that Central Florida is leading most other metro areas across the state in the reinstitution of a fast-paced and vigorous residential real estate market.
It seems that little by little we're moving back to pre-recession conditions for real estate transactions. Many of the same elements, such as rising prices and higher interest rates are appearing on the scene. Now JP Morgan Chase, the second largest mortgage lender in the United States, recently announced it would allow down payments as low as 5 percent on some Florida home loans, according to the Home Buying Institute. This step may trigger a boom in residential property purchases.
The timing is reportedly favorable for owners of high-value luxury homes to sell them. Several high-priced parcels of residential property in Florida have been sold in recent months. One prominent property just listed is a new home with a price tag of $45 million on Ocean Blvd. in Manalapan. The developer recently sold the smaller next-door property at 750 S. Ocean Blvd. for $24.75 million to celebrity life coach Anthony Robbins, according to the Wall Street Journal.
There's an old real estate doctrine for acquiring title to real property that's called adverse possession. In general, Florida and other states provide that if someone openly occupies land of another for a prescribed statutory period without permission, the occupier will obtain title to the land. This applies only if the true owner does not assert ownership of the residential property before the expiration of the time period.
There's new proof that the state's economy and real estate market have recovered: Howard Stern, the irrepressible radio and television personality, has purchased a home in Florida. He and his former model wife, Beth Ostrosky, have signed a purchase contract to buy residential property in Palm Beach for a reported $52 million. The property is located on Palm Beach's North Country Row which has turned out to be one of the richest neighborhoods in the world.
It may be a great summer for buying and selling a house in Florida. The residential real estate market in Florida is in a very promising position. This includes predictions for the Orlando locale as well.
This blog has chronicled the emergence of a recovery in the real estate market in several sections of the state during these past few months. It's now evident that the recovery is also confirmed here in central Florida where residential real estate prices in the Orlando area have increased by 20 percent since Feb. 2012. A recent monthly report from an Orlando realtors' association demonstrated that median home prices have risen to a value of $133,000 in Feb. 2013 from the top value of $264,436 in July 2007.
It's somehow difficult to re-tool one's vocabulary with the discarded language of a real estate boom when so much of the predominant terminology of the past several years has been impressed with words like fear, loss and recession. But truth be told, there is a full-fledged residential real estate boom now emerging in south Florida. Indications are strong that the boom is spreading statewide.
Sometimes, it really does seem like there's only feast or famine. The ups and downs of the Florida real estate market are hard to track, but the current trend of rapidly-escalating residential prices is at least better than the downturn of the past six years. Florida now faces a new wave of price increases as the supply of residential real estate seems to be limited. For example, it is being reported that first-time buyers and investors are competing for real estate in southern Florida.
One of the unexpected benefits of the decreased values in Florida's housing market during recent years is that new purchasers may now be motivated by the lower prices. According to recent reports from Florida realtors, the residential real estate picture is continuing to look rosier and feel warmer. That is because there was a significant increase in the percentage of residential property sales in 2012 over the prior year and pending home sales were 40 percent higher.