Some areas of South Florida are finally seeing the first steps of a tentative recovery. As reported by the Sun-Sentinel, ten zip codes in Broward and six in Palm Beach County are seeing higher home prices.
33327, in Weston, saw the largest price increase from February 2010 with a 9.3% increase. The areas that have had a price recovery have generally been close to good schools or high paying jobs. While only a few zip codes are showing signs of recovery, the news is nevertheless good for all of South Florida. As an area that was one of the worst hit by the real estate crisis, we are now seeing a recovery before the rest of the country. Prices are still low in other areas because foreclosures and short sales make up the majority of sales.
Every recovery has to start somewhere and it seems to be starting in our own back yard here in Weston.
There is a large backlog of these “distressed” loans and the only way property values are going to go up in the rest of South Florida is if they are cleared out. This is what is happening right now and is the first step on a long road to recovery.
This news comes on the heels of reports that traffic to real estate websites increased 27 percent during the month of February – the largest jump since the first half of 2009. This combined with news that single family home sales across South Florida also went up in February and an encouraging job market leads Oppenheim Law and Weston Title to believe that the economy here in South Florida is showing signs of life after all.