It was just a few years ago that condos were the hottest thing in real estate. However, with the pandemic radically changing the way people live their lives, single family homes are now the big-ticket item. In Miami alone, sales for these properties have increased by close to twenty percent while condo transactions have seen small drops of just over three percent, per the Miami Association of Realtors.
Across Florida, single family home inventory has dropped by more than 35 percent compared to 2019 with a supply little over two months.
Today’s buyers are seeking space and amenities they can use. An issue with condos is that despite having lots of amenities, they are governed by the association and come with fees. Many of them have been shut down or have restrictions in place, which means condo residents may be paying fees for features they cannot use.
With a single family home, amenities like a pool are free to be used as the homeowner sees fit.
If you need fast money to purchase a single family home in Florida, Monroe Funding Corporation is ready to help.
This update is by hard money lenders Miami company Monroe Funding Corporation, a direct equity lender serving clients throughout Central and South Florida. We specialize in first mortgages on non-owner occupied residential and commercial property investments as well as real estate loan options. Our fast and flexible loan programs get you to the closing table quickly and professionally. For more information on Broward County hard money lending, please call 954-816-0388 or fill out our application.