Miami Real Estate Searches Rise In 2010
MIAMI (CBS4) - The real estate bubble in South Florida that exploded with the onset of the Great Recession hasn't recovered and may not for awhile.
Nevertheless, plenty of home buyers are still heavily searching the South Florida area looking for cheap real estate to buy ahead of the next bubble.
Realtor.com found that Miami was the fifth most searched city when it comes to real estate. Miami was behind Los Vegas, Los Angeles, Orlando, and San Antonio.
Las Vegas was the most searched city for real estate in all but one month in 2010. Los Angeles held the number two spot except for November when they flip-flopped with Las Vegas.
Miami's searching varied from as low as sixth to as high as third in July and October 2010. But, even with the increase in searches, it doesn't mean that the local real estate market will improve dramatically.
The sale of homes and condos dropped off sharply after the Federal home buyer tax credit expired at the end of April. Low mortgage rates helped stymie the a steep drop, but list prices and sale prices continued to fluctuate throughout 2010.
