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2-Years 2-Late for South Florida Real Estate?

Having sold Fort Lauderdale properties since 1999, Henri Vezie, Realtor in Wilton Manors has a keen perspective on the latest market rise and when it fell in 2007 here in South Florida. Fort Lauderdale Homes and Fort Lauderdale Condominiums have been on an upward rise year after year since 2009. “We’ve been in this housing crisis in South Florida since late 2006, and from that time prices continued to tank for three years straight,” says Vezie, Co-Founder of the Henri Frank Group at Remax Preferred. “This season, Winter 2012, we are getting the same buyers that had been searching for a property in South Florida in 2008 and 2009 and expecting the same deals that they saw than. It just isn’t going to happen.” says Vezie.
A buyer who was searching the Wilton Manors Homes market in 2008, saw a single family home in Wilton Manors on NE 20th Street, 3 bedroom, 1 bath just two blocks off Wilton Drive for $149,000. The buyer hesitated to purchase that home and left South Florida in 2008 without purchasing a property. The buyer came back to Wilton Manors in 2010, two years later and saw another single family home, 3 bedroom, 2 bath on the Eastside Waterfront Community in Wilton Manors for $280,000 and didn’t make that purchase. This same buyer who browsed through the market in two year intervals is now back to purchase a Wilton Manors property. Now disappointed, this buyer in 2012 sees the same property that was $280,000 in 2010 for $549,000 in 2012. “Yes, the seller of this home, who I sold to in 2010, upgraded this Wilton Manors waterfront property with a dock and a underground pool about $50,000, and the value of this property is now near $549,000.” Another indicator that these examples of Wilton Manors Property and Fort Lauderdale Property that the deals could be no longer. “We may see some steal deals, but now the number of buyers in this market to the number of properties we have listed are unbalanced and the Wilton Manors Real Estate market is quickly changing, right before our eyes, from a buyer’s market to a seller’s market,” Vezie went on further to say, “all that I can say to these buyers who expect to purchase a Wilton Manors waterfront property in the eastside of town, with a pool, garage and boat dock for under $300,000 is simply 2-years 2-late for the South Florida steal deals we were selling in 2008 and 2009”.

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