South Florida Real Estate Market Conditions - October 2007
November 27, 2007 — Leanne PaynterIn comparing the South Florida real estate market conditions from September to October 2007, there were only relatively minor changes in each of the three South Florida counties with regards to the number of resale homes sold. The same can be said for the number of resale condos sold with one exception — Miami-Dade County saw a sizeable increase in the number of sales (up 23% from the previous month). This is especially good news since there has been so much talk about the glut of condos for sale there.
Meanwhile, the median sales price of resale single family homes increased slightly in the Greater Fort Lauderdale area but decreased in both Palm Beach County and Miami. Sadly, when compared to last month, the median sales price of resale condos dropped in Broward County by about 8.75%, in Palm Beach County by approximately 12% and in Miami-Dade by about 3%. If, instead, we focus on the changes from the same time last year till now, it seems Miami is doing better than many in the media would have you believe.
While the numbers in the chart below will show you comparisons from one year to the next (during the same month), you’ll find that I typically comment on the month-to-month changes, so please keep that in mind as you review the information contained in the chart.
*Median is the price at which half of the homes sold for more and half sold for less.
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Source (for chart numbers only): Florida Association of Realtors (F.A.R.); Commentary is © 2007 Leanne Paynter.
The single-family home community of Plum Bay features a lakeside pool with spacious sun deck, cabana baths, covered patio, two tennis courts (one of which doubles as a basketball court), a fishing pier and a boat launch ramp next to the fishing pier/dock. Homes in this South Florida neighborhood were built between 1995 and 1999. Plum Bay offers one- and two-story homes, some with lake or golf course views. Certain floorplans include a loft area, an ideal spot for a small home office, media center or play area. Prices currently range from the high-$200’s to the high-$300’s and the community maintains a low monthly HOA maintenance fee.
Relocation to South Florida can be stressful and one of the issues often taken into consideration when deciding which city to relocate to has to do with crime statistics. The 14th edition of the City Crime Rankings from CQ Press — published this week — can offer anyone relocating some useful information. 
Enjoy water views of the navigable canal with access to beautiful Lake Osborne! 
If you’ve ever driven around the downtown Fort Lauderdale area, chances are you’ve driven through the Henry E. Kinney Tunnel, more popularly known as the New River Tunnel. Actually, it goes under not only the New River but also Las Olas Boulevard on the north side and S. New River Dr./N. Rio Vista Blvd. on the south side. The photo was taken at the south entrance looking north. The buildings you see are the SunTrust building on the left and the Riverside Hotel on the right. It’s a 4-lane tunnel and pedestrians can use it as well since there is a sidewalk on the east side.
Many residents of this city work in Miami-Dade County due to its proximity and live in Pembroke Pines due to it’s relative affordability and the lifestyle it offers. If you’re in the market for an affordable single-family home in this area, you should have no problem finding one… even if you’re looking for one with a pool and/or lake views.
Just five days after the U.S. government unveiled a new website - 
Broward County Fair
Festival of Trees
Every once in a while I’ll show a home that has non-matching kitchen appliances. To be clear, when I say “mismatched”, I’m not speaking of ones from different manufacturers but of ones that are not color-matched. It’s rare that a buyer not notice these and comment on them as they tend to draw attention to all the appliances, making buyers often question the age of each one. Even a new white clothes washer will undoubtedly stand out when paired with an almond-colored dryer.
During the month of September 2007 there were a total of 2,464 new listings of single family homes entered into the MLS, which is a 2% increase over the same month last year. There were also 2,798 new listings of condos and townhomes, which is also a 2% increase over a year ago. What is more interesting to note is that there was a much larger increase in terms of the “available inventory”. The number of single family homes listed as “available” on the MLS increased by 16% over the same time last year, while the number of available condos and townhomes increased by 26% over the same month last year. What does this indicate? Well, it means that the amount of time it’s taking to sell a house now is longer than it was a year ago. How much more? Have a look at the chart.