When it comes to residential real estate, endless speculation surrounds the housing market and whether it is on the rise or on the decline. In Florida, there seems to be some evidence of an uptick in the residential real estate industry. However, it is safe to say that with progress will come some growing pains, including additional administrative needs and possible red tape.
Purportedly, a recent report from GL Homes confirmed the company had surpassed 400 sales in residential real estate at a development near Delray Beach. The total income on the sales is more than $360 million. Now, approximately 25 property owners have moved into the luxury residential real estate development. Homes in the development are said to range in price from $581,000 to $1.6 million.
Additionally, other activity on the real estate front in Florida might be considered a further sign of life. A West Palm Beach brokerage was recently acquired by a commercial real estate services firm based in South Florida. A real estate firm in Boca Raton is expanding, and the anticipated Miramar office park is nearing completion.
Activity on the real estate front, including residential real estate in Florida, is a positive sign. However, with real estate activity also comes questions and legal issues. Property owners, and would-be property owners, may find themselves best served by considering the benefit of representation during a real estate transaction. Often, a legal presence during a residential real estate transaction can help property owners avoid unnecessary pitfalls.
Source: Sun Sentinel, "Real estate: Homebuyers looking at The Bridges," Paul Owers, June 23, 2013