Around the nation, the past few years have been quite rough for home builders, as the value of homes were constantly dropping. However, according to a recent New York Times business report, the value of homes in South Florida are steadily increasing. It appears that buyers have found renewed confidence in attaining Broward real estate. New York Times reports that during the past six months 439 sales of at least $2 million have been made in the South Florida area, a 13% increase over last year.
Overall, sales of upscale homes in South Florida rose 16% during the first half of this year. This tremendous increase has led to the best spring since 2007. This trend is especially evident in the sale of luxury homes in Broward. Most industry analysts expected this growth to occur slowly, taking 10 years, but buyer confidence has cut that time down to just over 3 years.
