Michael Bloom - Boca Raton Real Estate
 



           
 

Award-Winning
Broker-Associate
and REALTOR®

BOCA EXECUTIVE REALTY

Michael Bloom - St. Andrews Country Club
MICHAEL BLOOM
Luxury & Golf
Community Specialist

St. Andrews Country Club
Resident Expert


Professional Memberships:

National Association of Realtors®
Florida Association of Realtors®
Realtors® Association of the Palm Beaches

Affiliations:

Who's Who in Luxury Real Estate®

Luxury real estate boca raton michael bloom

REALTOR®, CIPS
Certified International Property Specialist
BOCA EXECUTIVE REALTY


BETH BLOOM
Luxury & Golf
Community Specialist

St. Andrews Country Club
Resident Expert

Click here to send
BETH an email:
beth@michael-bloom.com

Professional Memberships:

National Association of Realtors®
Boca Raton Real EstateFlorida Association of Realtors®
Boca Raton Real EstateRealtors® Association of the Palm Beaches

Boca Raton Real EstateGlobal Business Alliance of the Palm Beaches

Beth Bloom - Global Business Alliance of the Palm Beaches

Boca Raton Real EstateCIPS NETWORK of global real estate professionals

 


NEWS

Southeast Florida draws global buyers

Mary Theresa Bitti, Postmedia News, May 28, 2011.

Cathy Prenner and her husband are top-selling real estate agents in Broward County on Florida's southeast coast who last year sold US$53million worth of property. Ms. Prenner is hot off selling a $3-million home with minutes to spare before heading out to meet developers, who are moving back to the area after a two-year hiatus.

"The buyer got a great deal. It sold previously for $4-million. That was a 25% discount," says Ms. Prenner, who is seeing more and more Canadians closing deals in her stomping grounds, a popular spot for families with children. "Canadians have been looking for a long time and now they are buying -and, like 70% of high-end buyers, they are paying cash. They are here because they know now is the time to be here."

They are not alone. Southeast Florida, which stretches from Miami through Fort Lauderdale north to West Palm Beach, is calling investors from all over the world. "People from South and Central America, England, Ireland, France all want that little slice of Florida," says Jim Heidisch, president of the Realtor Association of Greater Fort Lauderdale.

Miami, Fort Lauderdale and West Palm Beach all have major cultural centres, museums, golf, beaches. The Metro Zoo is recognized nationally and Fort Lauderdale's Science Centre is a draw for young children. As a result, the demographics range from the young, urban, sophisticated CSI types to families and established retirees.

And the prices are attracting everyone. On a median-price basis, single-family homes in Fort Lauderdale and West Palm Beach are down from 30% to 40% from the peak in 2006, and off 50% for new builds. "In effect, prices are back to where they were in the mid to late 1990s," says Michael Bloom, a real estate broker in Boca Raton and Palm Beach County, a haven for golf lovers and empty nesters who are either retired or thinking about retirement.

While the whole Southeast Florida real estate market was heavily speculated during the boom, those areas that got the most overbuilt, the fringe suburbs farthest away from jobs, neighbourhoods such as Port St. Lucie in St. Lucie County, are where the price corrections have been the greatest.

The condo market in Miami Dade County was also a real magnet for speculators, who could put down a 10% or 20% deposit in 2003 and flip units at a premium once the building was completed two to three years later. "Those who bought early enough could make huge cash-on-cash returns," says Brad Hunter, chief economist and national director of consulting for Metrostudy, a market research provider to the housing and retail industries in the U.S.

"The demand generated from 2002 to 2005 caused a huge overbuilding of condos. But those who bought in 2005 had nobody to flip to in 2007/2008. From peak to trough, prices have fallen on average 50% plus, and that decline has turned on a lot of individual speculators, who are saying now is the time to buy."

According to Florida Trend magazine, sales of condos are up 55% in Miami Dade County over the past year, while prices are down 18%. "With little or no new construction happening, demand will become scarce and prices will start moving up," says Gary Coates of PMA Brethour in Boca Raton.

It's already happening. "I've had a lot of people paying above appraised value because they know they can't find anything as good for the same money," Ms. Prenner says. "Then prices start to stabilize and eventually turn around."

Link to article in National Post online.


It's a great time to buy a luxury home in Florida. A strong Canadian dollar means bargains for you! We are ready to help you. We can show you EVERY available home that meets your needs whether it is in Boca Raton, Florida or a surrounding area. If you are interested in another area of the United States, we will put you in contact with another highly qualified agent who can help! Contact us today!

Michael 561-212-2388 michael@michael-bloom.com
*Beth 561-289-5130 beth@michael-bloom.com

*Beth is a Certified International Property Specialist.




To discuss your real estate needs, please contact me today at (561) 212-2388 or by email at: michael@michael-bloom.com.




 
CANADIANS BUY
LUXURY HOMES
in FLORIDA

It's a perfect fit!
Canadians Buy Florida real estate - Michael Bloom - Realtor
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The National Post article above features a quote from Michael Bloom!

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Michael Bloom - Beth Bloom - Boca Raton Real Estate