Higher home prices and continued stability on the employment front helped reduce new foreclosures across South Florida in September and the third quarter.
New cases in Palm Beach, Broward and Miami-Dade counties dropped 13 percent last month from a year earlier, according to the RealtyTrac listing firm. For July through September, starts fell 15 percent, to 3,293 from 3,875 a year ago.
Foreclosure filings have declined in South Florida for 10 consecutive quarters, RealtyTrac said.
House prices keep climbing in South Florida, though the region is losing ground to other areas nationwide, a new report shows.
Prices in Palm Beach, Broward and Miami-Dade counties rose 7.3 percent in July from a year ago, the 17th consecutive increase, according to the Standard & Poor’s/Case-Shiller home price index.
South Florida has ranked among the top three metro areas for price gains and even led the nation last summer. But San Francisco (10.4 percent), Denver (10.3), Dallas (8.7) and Portland (8.5) moved past the tri-county area in the latest survey.
A split emerged in Miami’s luxury real estate market during the first three months of 2015: Resales of single-family homes chugged along at a steady clip, but the market for existing luxury condos peaked as sales slowed and units stayed up for sale longer.
The number of luxury single-family homes sold grew 2.3 percent in the first quarter of 2015 compared to the same quarter last year. But luxury condo resales were down 3.6 percent over the same period.
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When developers first announced plans last year for the Auberge Beach Residences & Spa, they figured the luxury waterfront condominium in Fort Lauderdale had a chance to open in 2017, though 2018 seemed far more likely.
But 2017 now is the expected delivery date, the result of a better-than-anticipated early sales push for the 171 units ranging from $1.8 million to $8 million.
“We thought it would take longer to sell,” said Carlos Rosso, head of the condo division for The Related Group, which is building Auberge with Fortune International Group and the Fairwinds Group.