South Florida Real Estate Market

Despite the sometimes negative treatment in the media, the real estate market in South Florida is not devastated by the economic downturn.  In fact, many quality properties are available for investors and the market does offer opportunities to make reasonable purchases that will appreciate.  There are many foreclosure and bank owned properties on the market, and so prices have been steadily decreasing.

There is more buyer demand for homes between $130,000 to $170,000, though these price ranges are moving very fast.  Many tenant that are renting are beginning to realize the advantages of buying now over renting, and so these prices may start to increase.  As of numbers collected in May 2011, the number of single family homes for sale in February was 7485, in March 7119, and in April was 6804.  Meanwhile, homes sold at rates of 846 in February,  1111 in March, and 813 in April.  The numbers for condominium units and town homes for sale in February was 13,111, in March 12,138, and in April 11,399.  Those units that sold were 1375 in February, 1689 in March, and 1371 in April.

Some top news includes the increasing number of foreclosures, where prices may be hiding profits.  Some auction buyers overpay document stamp taxes to make a home’s sales price appear higher in county records.  At the same time, South Florida and the rest of the state lead the nation in potential job growth.  Wells Fargo recently issued a report indicating that the state has a positive economic future once it shakes off the still lingering effects of a recession.  Mortgage rates rose for the fourth straight week, with a 30-year fixed mortgage increasing to 4.91%.  Still, according to Freddie Mac, these rates were remaining below 5%.  Cash purchasers are, of course, not affected by mortgage rates, more earnest money, quick action and a pre-approval could give borrowers an edge.

Top South Florida Restaurants

South Florida and the surrounding areas offer several options for dining style and cuisine from all over the world.  Foodies can experience Little italy in Key Largo at Giorgio’s Café Largo, at 99530 Overseas Highway in Key Largo.  The restaurant specialties focus on the actual home recipes, and the restaurant is a local favorite boasting the largest menu in town.  There is a semi-private dining room for special events, and the kitchen specials emphasize seasonal and local ingredients.  The wine list is extensive and features some exquisite selections.  Homemade tiramisu and cannoli are always a diner’s favorite.  The DiGiorgio family started the business in 1968, but relocated to Key Largo in 1992 with three decades of restaurant experience to the area,  With convenient access to various local seafood, the menu began incorporating more specialties.

Another Key Largo favorite is the Pilot House Restaurant at 13 Seagate Boulevard.  The Pilot House Marina is within close proximity on secluded Lake Largo a quick drive from downtown Key Largo.  It also borders on John Pennekamp Coral Reef State Park.  Diners can enjoy elegant waterfront dining in the new Pilot House fine dining room or sit and relax at the more casual Tiki Bar and Grill.  For boaters, 33 slips are available and can accommodate power or sailboats up to 65 feet in length.   House specialties include the spectacular Philadelphia Cheese Steak and the fresh grilled mahi mahi dinner basket, both of which come with crisp French fries.

For great seafood at a great price, visitors to South Florida should check out the Key Largo Conch House, at 100211 Overseas Highway in Key Largo.  The restaurant prides itself in fresh local seafood brought in daily and everything on the menu is homemade - including all desserts, soups, and salad  dressings.  The Key Largo Conch was established in 2004 as a family business that has been prominently featured in the “Best of Key Largo” newsletter.  In fact, the restaurant’s conch fritters were featured on the Food Network.

Key Largo Conch House is located in a cute little house in South Florida, and offers seating in the outdoor garden, on the porch, and inside.  Besides their famous conch fritters, other guest favorites include conch chowder, conch salad, and fish tacos.  Parking is plentiful, prices are reasonable, and the service is prompt and friendly.

Fun Activities and Historic Landmarks of South Florida

There are so many fun excursions and sightseeing opportunities in the South Florida area, but a few really stand out.  First, families and animal lovers will enjoy the Dolphin Research Center at 58901 Overseas Highway, Grassy Key, Florida.  Kids and adults of all ages will get a chance to meet the Center’s dolphins and sea lions.  Guests can get a little wet and up close in the Deep Water and Shallow Water Dolphin Encounter and Dolphin Dip programs.  There are also sessions to be a Trainer for a Day, Researcher for a Day, Play with a Dolphin, Paint with a Dolphin, Dolphin Explorer and Meet a Dolphin.  Younger children will have a blast at the new Sprayground, which is an adventure where a giant seahorse, whale flukes, palm trees and other tropical sculptures shoot jets and streams of water while dolphin, whale, and manatee sounds play.

However, no visit to South Florida would be complete without a trip to the Everglades National Park, a gem in the U.S. National Park System.  Everglades National Park is a wonderful place to explore wilderness, waterways, and more.  The park is huge expanse of approximately 1.5 million acres, where visitors can spend a morning photographing birds, or an afternoon spent hiking and seeing alligators take advantage of the warmth of sunny south Florida skies.  Wrap up the day with an evening enjoying the warmth of your campfire.

The diverse habitats at the park allow for fun outdoor activities such as hiking, biking, fresh and saltwater fishing, and camping in the ultimate wilderness.  Throughout the park, visitors can explore the natural beauty on canoes and kayaks.  In many areas of the park, trails wind through the diversity of the habitats within South Florida.  With a wide array of land trails, Everglades National Park offers guests opportunities for leisurely walks, extended hikes and bicycle treks.

Climate and Storm History of South Florida

The region of South Florida, located at the southern tip of the state and including the Florida Keys, experiences what is termed a subtropical monsoon climate.  This is otherwise known as Köppen climate classification Aw.  The city of Miami and most of the surrounding South Florida metropolitan area all undergo roughly the same weather at the same times throughout the year.  The summer months are hot and humid, with high temperatures averaging between 88 degrees and 92 degrees Fahrenheit.  Lows in the summer months average between 70 and 75 degrees.  The all-time record high temperature is 100 degrees, which was recorded on 21 July 1942.

Winters in South Florida are mild, but on average are cooler than nearby coastal areas that are warmed by trending from the Atlantic Ocean.  In winter, the area sees cold fronts that bring cold weather for short periods starting in November and continuing through March.  The lowest temperature ever recorded is 26 degrees Fahrenheit on 13 December 1934.  This was recorded at Homestead Air Force Base, located further inland than some of the coastal towns of the South Florida area.

In the agricultural areas located more than 10 miles from the coast, frosts and freezes are common approximately 5–10 times per year.  High temperatures in winter average between 65 and 80 degrees, and lows average between 47 and 57 degrees Fahrenheit.

Summer is the season when most of the rain occurs, with South Florida experiencing a wet season lasting from mid-May to early October. The dry season sees little if any rain, with most of it coming with the passing of cold fronts.  Snowfall is extremely rare, but was recorded once at Homestead Air Force Base, on January 20, 1977.  This event marked the farthest south that snowfall has ever been reported in the lower 48 United States.

Hurricanes do pose a threat to the South Florida area, and even reach those regions that are not located on the immediate coast.  In recent history, the strongest one was Hurricane Andrew, in 1992, which devastated many towns and agricultural areas of South Florida.  It took 5 to 10 years for things to recover. Hurricanes Katrina and Wilma brushed by in 2005, but did not pass directly over South Florida.

Region of South Florida: General Information

The region of South Florida is at the southern tip of the state and made up of Monroe County and Miami-Dade County.  Monroe County includes the Florida Keys, and its county seat is Key West.  As of the 2000 Census, the county’s population was 79,589 resident, living in 35,086 households.  There were 20,384 families residing in the county.

Of the 35,086 households, there were children living in 20.80% and 46.80% were married couples living together.  Women were the heads of household in 7.30% homes and 41.90% were non-families.  Individuals lived in 28.80% of all households and 8.20% had someone living alone who was 65 years of age or older.  The age distribution was 17.10% under the age of 18, 6.30% ranging in age from 18 to 24, and 31.10% of residents were 25 to 44 years of age.  Individuals from 45 to 64 years were 30.90% of the entire population,  and 14.60% who were 65 years of age or older. The median age was 43 years. For every 100 females there were 113.90 males. For every 100 females age 18 and over, there were 114.80 males.

The median income for a household in the South Florida region was $26,775, and the median income for a family was $26,409.  Males slightly out earned females, with a median income of $23,118 versus $20,261.  The per capita income for the city was $11,357, with about 29.1% of families and 31.8% of the population were below the poverty line, including 43.9% of those under age 18 and 20.0% of those age 65 or over.  As of 2000, speakers of Spanish as a first language accounted for 51.10%, while English was at 43.22%, and French Creole made up 4.71% of the population.

History of the Region of South Florida

The region of South Florida is an area in the state that is comprised of two counties:  Monroe and Miami-Dade Counties.  Monroe County was created in 1823, being named for James Monroe, the fifth President of the United States.  Miami-Dade County is located between Biscayne National Park to the east and Everglades National Park to the west.  This county of Florida is the largest in terms of population, as is the location of the major metropolitan area of Miami suburb.  A good portion of the South Florida region is mostly an agricultural area, however.

Different cities in the South Florida area were incorporated starting in the late 1800s and early 1900s.  Homestead, Florida was incorporated in 1913 and is the second oldest city in Miami-Dade County next to the city of Miami.  South Florida is located approximately 35 miles southwest of Miami and extends further south and west  It includes Key Largo.  The region is notable for its history that is closely tied to the development of the railroad network throughout Florida.  The Florida East Coast Railway extension to Key West was being built in the late 1800s and early 1900s, and the rail line was passing through an area opened up for homesteading.  Homestead, Florida gets its name from the construction camp at the end of the line, which did not otherwise have a particular name.  As construction materials and supplies for the workers were consigned to the “Homestead Country,” the town’s name was eventually shortened.

The counties that make up the region of South Florida are located near the southern terminus of the Homestead Extension of Florida’s Turnpike.  This thoroughfare ends at its junction with U.S. 1, which runs along the east coast of the state along the Atlantic.