National Association Of Realtors: Florida Cities

Real Estate Dept: Florida, which was among the first U.S. states to be hit by the real estate downturn and recession, is finally emerging from its swamp of foreclosures and depressed house prices. Realtors' gut instincts, anecdotes and hard evidence all point to a turnaround under way in the state's home prices - a development that could light a fire under any would-be Canadian snowbirds, according to Vancouver Sun. Realtors are trying to recruit potential buyers with the message that anyone thinking of buying a home in Florida ought to look now, because the bargains won't last forever and just as even the brightest, warmest sun must eventually set, the era of bargain real estate in Florida may be coming to an end, experts say. Florida cities took eight spots on the National Association of Realtors' recent list of "Top 10 turnaround towns." Miami - where 60% of all buyers are foreigners and the median house price is US$185,000 - was No. 1. Inventory is disappearing: In Fort Lauderdale, the number of homes listed on the market dropped 42% from 2010 to 2011. And a report commissioned by two Florida real estate firms, the Related Group and International Sales Group, predicted that by the end of this year, the developer-owned condo inventory from the last round of construction, in 2005-'06, will have completely evaporated from the Miami area. (www.immigrantscanada.com). As reported in the news.