Florida Luxury Housing Market - A slow market offers opportunities for bargain hunters

While the luxury residential markets in Florida, to quickly because of the influx of foreign buyers to sell more, mainly Europeans and Canadians, who by their strong currencies, inflation, housing analysts say that the market is here at last signs of cracking.

News reports have made headlines billionaire Donald Trump let the prices on the Palm Beach property by 20 percent, to market observers say that the U.S. housing market crunch has finally ledtheir way to the wealthy. While the villas by the sea and upscale condominiums here are surprisingly holding on, can be one of the most toxic states in the nation's housing meltdown, finally showing some signs of wear.

Dwindling enthusiasm or activity Noted On The Luxury Market

In a recent luxury property auction in the city of Fort Lauderdale, the auctioneer home to home from the block within moments after the opening of the tender, as no onemade an offer. In a high-rise apartment development in the Miami enclave of Williams Iceland, a 3100 square meter penthouse, listed previously at U.S. $ 5.6 million, opened the bidder bids 5 million U.S. dollars, then the price dropped to $ 3.5 million, then $ 3 million and 2.5 million U.S. dollars until he closed the auction.

Some housing observers noted that it is simply not that much enthusiasm or activity in the luxury market, and after the local real estate market reached two years ago, localBrokers pointed out that high-end housing market was the only factor propping up the condo market are in areas such as Miami, which many consider as one of the most overbuilt and overpriced in the country.

The slow market is an opportunity for bargain hunters

Based on recent statistics, the average price of condominiums in areas such as Miami won 6 percent last year, while seen prices falling about 25 percent or more in other parts of the state amid the U.S. mortgage crisis, soaring property pricesTaxes and hurricane insurance problems. The coast in Miami offers thousands of water developments that have taken place their value better than cheaper houses and condos inland, where the foreclosure crisis has hit homeowners. In December, the housing market in Miami had a bad month when the average price fell by 10 percent.

Auctioneers sold have also been reported to have "north of 20" the 50-plus homes for sale at an auction in Fort Lauderdale, where the event providedan estimated 300 million U.S. dollars worth of time ranging from a $ 2.45 million, one-bedroom unit in Fisher Iceland, to stately homes, which rose past $ 15 million. Housing analysts note that the high-end housing market is strong, and certainly the housing market has corrected since the peak in 2005.

However there was still a lot of properties were quickly pulled from the auction if no one made an offer, and bargain hunters had an open field. A bargain hunters quickly went two Bayfront HomesLocated in upscale Venetian Islands, Miami Beach, always a for $ 500,000 and the other for $ 1 million. These houses before prices of $ 2.75 million and $ 2 million or mid-2005, based on county records.

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