Time to buy? Florida real estate on the rebound.

Vacation property prices is Florida are on the rise but there are still deals to be had.


Housing prices in the sunshine state are rebounding but there are still bargains to be had, according to a local realtor specializing in snowbird properties.

Residential real estate prices in South Florida have risen more than 4% in the last year, far outpacing the national average, according to the S&P/Case-Shiller Home Price Index. Still, prices are 45% off all-time highs seen in late 2006, early 2007.

The average condo in popular Southwest Florida now sells for $315,000 while the average single-family home now sells for $450,000.

Average selling prices can be skewed by a minority of very expensive sales and areas like Palm Beach, Naples and Miami are favourites among luxury buyers.

Vacation properties can sell for much less than the average. Indeed, the overwhelming majority of Canadian buyers spent less than $200,000 on their Florida purchase this past year while the median price range was $100,000-$199,000.

A portion of these were properties in foreclosure. In fact, these so-called “distressed sales” account for roughly 20% of total sales in Southwest Florida.

January through March is Florida’s busiest buying season as snowbirds from across the Northern U.S., Canada and Europe descend on the Sun Belt.

Itsy Bitsy Teenie Weenie Condo's

Squeezed between the mountains, the Pacific Ocean, the U.S. border and the Fraser Valley, where development on agricultural land is restricted under B.C. law, municipalities have been struggling to keep housing affordable near the core.

People were shocked when the first condo towers went up in downtown Vancouver in the 1990s featuring units of 450 square feet or less — about the size of a nice hotel suite and about half the size of a conventional apartment.

But a new development in suburban Surrey is pushing living space past the 300-square-foot barrier with so-called "micro suites," according to Les Sohar

The proposed project, called Balance, would contain 56 suites, the smallest of which would be 290 square feet, and 33 of the units would be 305 square feet or smaller.

The largest suite, a one-bedroom unit, would be a palatial 653 square feet and be priced below $180,000, Sohar.ca reports.

The developer said it expects to begin pre-selling the micro suites in January if Surrey City Council approves.

Affordability is the key, says Les Sohar or sohar.ca. Asking prices will start at $109,000 but, given the softening condo market in the Vancouver area, they may come down.

"If you can afford the $6,000 down payment, and you make a salary of $17 per hour, we have a home for you," Sohar says.

Balance, located in a once dodgy part of Surrey called Whalley, is part of a global trend, he says.

"Real estate prices in the Lower Mainland are among the richest in North America," Sohar said in a news release.

"In cities like New York, Tokyo and Paris they found a solution - build smaller but build closer to amenities. 

Top 15 fastest growing US cities.

The state of Texas is growing fast. The state has eight of the nation’s 15 fastest-growing cities and six of the top seven, according to the U.S. Census Bureau, which evaluated population increases in 2011 for cities with more than 100,000 residents. 

However, beating out Texas cities for the top spot, New Orleans came in at No. 1 on the list of fastest-growing cities. New Orleans has seen its population grow by nearly 5 percent from April 1, 2010, to July 1, 2011. 

The following are the 15 fastest-growing cities in that time period and the percentage population growth, according to the U.S. Census Bureau analysis:

1. New Orleans
2. Round Rock, Texas: 4.8% growth
3. Austin: 3.8%
4. Plano: 3.8%
5. McKinney: 3.8%
6. Frisco: 3.8%
7. Denton, Texas: 3.4%
8. Denver: 3.3%
9. Cary, N.C.: 3.2%
10. Raleigh, N.C.: 3.1%
11. Alexandria, Va.: 3.1%
12. Tampa, Fla.: 3.1%
13. McAllen, Texas: 3%
14. Carrollton, Texas: 3%
15. Atlanta: 3%

"These estimates provide our first look at how much the total population has changed in each of our nation’s cities since the Census was conducted in 2010 " says Les Sohar of soharworldhomes.com and Re/Max. "These numbers provide further evidence of a continuation of the trend of rapid population growth in Texas that was observed between the 2000 and 2010 censuses."

Meanwhile, the cities with the largest overall populations in the U.S.? New York continued to be the most populous with 8.2 million residents in 2011, followed by Los Angeles (3.8 million), Chicago (2.7 million), and Houston (2.1 million), the U.S. Census Bureau reports.

What's hot in Condo living?

When it comes to condos, staying on the cutting edge of style and decor is key. The general perception of what’s hot and what’s not can change daily, so choosing trendy yet timeless decorating styles and furniture pieces is the true challenge for the condo dweller. Always keep resale value in mind when you paint or make upgrades. Chances are, you won’t live in this condo forever and when you do sell, you want the place to be attractive to a wide demographic–rather than simply to those who share the same tastes you do.

What’s Hot:


Clutter-Free Living The choice to live in a condo generally means one must commit to living clutter-free. Although most condos have a storage locker and at least one closet, the space for storage is quite limited compared to that of other types of homes. That’s why it’s so important to adopt a Zen-like approach to clutter and possessions. If you don’t need it, sell it, give it to charity or throw it out. If you don’t know where you’ll put it, don’t buy it. Life is much easier without too much stuff, and condos are much more attractive when they aren’t packed with useless possessions.


Flowing Decor When decorating a condo, choose a theme and stick with it. Condos and condo townhouses are generally open-concept and fairly small, and introducing too many colour schemes will overpower the space. When painting, choose a colour that you can repeat–for example, paint your bedroom the same colour as your washroom to give the impression of an ensuite and then chose a lighter or darker version of the shade for the living area and kitchen.


Dramatic Wood Finishes It’s tempting to go with deep, dark paint colours when seeking to add drama to your condo decor, but particularly in a small space, this is not a great idea. Instead, stain the floors a dark oak or cherrywood finish. Cupboards can be outfitted with dramatic finish as well and furniture in rich distressed black stain is another attractive way to add depth to your decorating.


Streamlined Storage Maximize closet space by building shelves and installing closet organizers. Make every square foot count–even under the bed! Buy thin plastic storage boxes which slide easily into small spaces and use them to store seasonal clothing, wrapping paper, gift bags and more. Invest in drawer organizers and cupboard shelves, too.

Mortgage Amortizations pushed back to 25 Yrs., like it used to be.

The government has decided to thin the herd of buyers by lowering the maximum amortization period to 25 years from 30 for people who require mortgage insurance because of a small down payment. This means higher monthly or biweekly mortgage payments, which will keep marginal buyers on the sidelines until they either save more or make more. Most first-time buyers go with an amortization of 30 years today.
Moving to 25 years isn’t draconian , says Les Sohar of sohar.ca and soharworldhomes.com.,"that was the unquestioned standard for the decades that preceded the increased amortization periods introduced several years ago". The government is also putting limits on mortgage refinancings by capping borrowing at 80 per cent of a property’s value, down from 85 per cent.
The government could have been tougher here, says Sohar. In my brokerage, Re/Max this will have limited effects and I remain enthusiastic about the use of refinancings as well as normal market applications and has not contributed to high levels of indebtedness, directly.

Home ownership becoming more affordable - BNN News

Home ownership becoming more affordable - BNN News

House Prices Decline 2 Months In a Row - Canada

OTTAWA — Canadian housing prices were flat or falling in the last quarter of 2011, according to a house price index released Wednesday.
Home prices fell in December by 0.2% from the previous month, the second straight monthly decline following two consecutive months of flat prices, says a senior economist in his monthly report. The index was up 6.8% from December 2010, though the year-over-year advance had slowed somewhat from the 7.1% gain posted in November.
Home prices fell in December in nearly half of the 11 markets included in the survey, including Victoria, Ottawa-Gatineau, Montreal, Toronto and Vancouver. “For Ottawa-Gatineau, Vancouver and Victoria it was the third consecutive decline, and for Toronto it was the second,” Pinsonneault said. Prices in Edmonton were flat, while prices rose in Quebec City, Winnipeg, Hamilton, Calgary and Halifax.

The year-over-year gains in Toronto, Winnipeg, Vancouver, Hamilton and Quebec City all exceeded the national average. While the year-to-year price differences varied widely, “December was the first month since September 2010 in which all 11 metropolitan markets showed prices up from 12 months earlier.” Meanwhile, Pinsonneault said the Canadian Real Estate Association has determined market conditions are generally balanced across Canada, “the exceptions were tight markets in Toronto, Hamilton, Winnipeg and — suddenly — Halifax, and buyers’ markets in Vancouver and Victoria.”