Miami Home Buyers Being Squeezed
Miami home buyers, according to
are caught between a rock and a hard place. Across the country, and
especially in Miami, buyers are having to go to extreme measures to get
the property they want. Supply is so low and demand so high that retirees
who want to
Florida are having to live in hotels for up to several months, before
they can find an affordable place to live:
In February, the median price of a home in Florida rose 25% to $201,400
when compared with the same month a year ago. The West Palm Beach-Boca
Raton area of the state continues to register the biggest leaps in home
prices, climbing as high as 34% in the fourth quarter of 2004.
Multiple bids keep coming through, says Marilyn Jacobs, who sells homes in
Boca. And more often than not, her sellers are rejecting a lot of people.
"They've had to kiss a lot of frogs before they find their prince," says
Jacobson, a native New Yorker. "But those other frogs will find their
palaces, too. There are still plenty of opportunities."
Beware: Low interest rates and easy financing, the article suggests, may
be inflating the market for Miami real estate.
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