Several South Florida cities saw increases in their property values in 2010, according to a recent article in The Miami Herald.
South Florida Property Values
According to the most recent data:
- 10 municipalities in Miami-Dade County saw increases in value in 2010. In contrast, all 37 municipalities saw decreases in value in 2009.
- Downtown Miami saw the largest year-over-year value increases in South Florida. The community’s tax base grew by 10.9 percent in 2010. In 2009, Downtown Miami’s tax base decreased by 11.2 percent.
- In 2009, new construction in downtown Miami was valued at $362 million. In 2010, that value had climbed to $1.4 billion.
- Key Biscayne’s taxable property value grew by 1.5 percent.
- Sunny Isle’s taxable property value grew by 2.9 percent.
- Pinecrest’s taxable property value grew by 0.8 percent.
- New construction in Miami-Dade County fell from $2.7 billion to $1.5 billion.
- New construction in Broward County also fell, from $1.5 billion to $633 million.
- Homestead taxable property value fell by 9.6 percent. Still, that’s considerably better than in 2009, when property values in Homestead dropped by more than 31 percent.
- Florida City’s taxable property value fell by 15.4 percent.
According to most South Florida real estate analysts, the recent numbers suggest that the South Florida real estate market has weathered the worst of the recent housing bust, but a complete recovery might not be for several months or even years.
Investing in South Florida Real Estate
Now is actually a fantastic time to invest in South Florida real estate.
Why? Because South Florida home values are still fractions of what they used to be before the South Florida housing bubble burst.
- Golden Gate Estates in Sunny Isles
- Hollywood Lakes in Hollywood
- Golden Pointe Community in Aventura
- Island Estates in Aventura
- Presidential Estates in Aventura
- Exotic Acres in Davie
- And more!
Until next time,