Posted on Wednesday, 08.26.2009South Florida' Economy is Improving, Miami Real Estate
While prices where still declining, the amount of Miami real estate
transactions increased dramatically over the past few months compared to the numbers in 2008. The latest data indicates that not only prices stopped their declined but are starting to be on the rise again.
This is the first time since December of 2006 that Miami real estate
prices have begun to rise. In addition, Florida’s consumer confidence is improving as well indicating that the recession may soon be over.
The Florida consumer’s confidence jumped from 67% to 70% between July and August 2009. The news is clearly good and is just the first sign of a dissapearing recession. Miami real estate transactions will need to continue to show steady improvement to prove that the city is out of the recession for good. Miami's economy
is mainly based on tourism, real estate and services. Miami hotels
have suffered tremdindously showing a revenue decline of up to 40%. Miami vacation rentals suffered too even though at a lower level. The consumer wins by getting some sweet deals in Miami
on mostly everything that is for sale.