ruralpropertyspain

© John Hall & Associates

South Florida real estate market prices hit their lowest level since the housing bubble collapsed this March. This "double-dip" is part of a nationwide trend that is leading economists to describe the recent market gains as artificial. Prices in Palm Beach, Broward and Miami-Dade counties were all down 6% year on year, and off over 50% from their all time highs in December 2006.

Only Washington, DC showed annual price gains nationwide, while 12 regions including South Florida posted new lows. According to some economists, the rebound in house prices seen in 2009 and 2010 was largely due to the first-time home buyers tax credit which expired in August 2010. Since then prices have consistently fallen, confirming that the tax incentive was a temporary stimulus. Discount sales of foreclosed properties and tighter lending standards are both to blame for dragging prices down.

© uair01

Real investment in the US office market is proving slow to pay off as vacancy rates show little improvement this year. Analysts blame the sluggish economy for the fact that businesses remain conservative in their expansion plans. All players in the commercial real estate sector continue to look for clues as to when a pickup in investment and hiring by corporate America may occur.

Vacancies in the US office real estate market reached a record last year, and have only come down slightly since that time. In some of the hardest hit markets, rents have fallen by as much as 50% as well. Still, many economists continue to forecast a slow and steady recovery for the sector going forward. Washington, DC had the lowest office vacancy rate in the country at 9%, followed closely by New York at 10.7%.

© paulswansen

When trying to rent or sell a house that is vacant in the local real estate market, virtual staging can be very helpful. This new service, offered by Ilaria Baron of the Corcoran Group, starts at just $49 per room. The virtual service is offered to clients worldwide, and transforms an empty room into an attractive space by adding realistic-looking computer generated décor.

Vacant properties can be harder to sell quickly and for the best prices, because not enough home buyers are able to visualize the potential of an empty space. When furniture is added, it helps them to appreciate the property in a new light. Ilaria compares home shopping to online dating, noting that if the photos on a profile aren't attractive then there is likely to be little interest. Many real estate firms are now beginning to appreciate the benefits of virtual staging, as more home buyers turn tot he internet for research.