Is The Luxury Home Market Making A Comeback?
It should be able to with Jumbo mortgage rates coming down and lower down payment options out there. It does appear South Florida still has room to improve but with more financing options available on Jumbos in a hard hit area like South Florida we should begin to see some improvement.
Miami-Dade County still has enough homes priced at $2 million or more to last 41 months at the current sales pace, though down from 116 months a year earlier, says Ron Shuffield, president of EWM Realtors, a large local brokerage.
There is financing out there for loan amounts up to $2 million with 20% down in South Florida depending on the strength of the borrower. You just need to make sure to talk to the mortgage professionals that have these relationships with the local banks.