Report Affirms How Location Affects Value
You often hear real estate agents mention that real estate is local. What happens in other areas of the country is not necessarily indicative of what happens in Martin County real estate. This has been true for a long, long time. Even within small geographical areas, the local nature of real estate may see one community struggling while a nearby neighbor flourishes. There are lots of reasons for this and with the current real estate market difficulties, it is more true than ever. Look at this recent article from the Miami Herald:
A ZIP Code-level report on South Florida’s housing market shows values soaring in some neighborhoods, plunging in others.
BY TOLUSE OLORUNNIPA
TOLORUNNIPA@MIAMIHERALD.COM
In South Florida’s location-specific housing market, some neighborhoods are enjoying 20 percent appreciation since last year, while others continue to plunge, down as much as 30 percent, according to a new report from real estate research firm Zillow.
Neighborhoods in negative territory—mostly low-income and inner-city locales—outnumber the region’s affluent ZIP Codes, which are on the upswing, so overall numbers still show a downward trend. The median home in South Florida had a value of $140,900 during the second quarter of this year, down 5.4 percent from last year, the report found. More than 45 percent of homes are underwater on mortgages, and 44 percent of homes sold for a loss in June.
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Read more: http://www.miamiherald.com/2011/08/09/2350657/report-affirms-how-location-affects.html#ixzz1VPWouzoR
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