The price of paradise in South Florida

Scott Wapner Reporter • Profile

WESTON, Fla. - Perhaps no other market in the country has experienced the nation's real estate boom like South Florida. From Miami on up to the panhandle, property values have soared -- and in some places they’re continuing to go up.

A million dollars isn’t what it used to be in South Florida – but it will get you a house with 5,000 square feet, five bedrooms, four bathrooms and just less than a quarter acre in Weston’s prestigious “Eagle Run,” located about 35 miles north of downtown Miami. And there’s plenty of sun, a pool and top-notch golf just out the back door -- the 8th green of Weston Hills Country Club's player's course.

Coldwell Banker realtor Adele Pick has seen the South Florida market soften – the home on the 8^th green was originally offered for about $1.1 million before Hurricane Wilma blew in late last year and blew off the screen covering the pool.

“How much hurricane damage was here? Not that much. This home had no roof damage which was a miracle -- there was a lot of plant damage,” says Pick.

Inside the house, one of the many highlights is the modern kitchen, with stainless steel appliances, granite countertops and an open, airy feel.

“It can actually seat a huge table, probably at least eight people. Great view here … lot of light here too. Beautiful panoramic view here. Very light, very bright,” says Pick. “What I love about this house is how the drapery frames like a picture the golf course lot, so when you have formal dinner parties you can enjoy the sunset and the view outside."

There's even a home study with built-in cherry wood. “People love the fact that they have a built in office because, as you know, most people need a home office these days,” says Pick.

Property taxes run 2 percent of the sale. And lifetime country club membership, that’s $90,000.

For now, that’s the going price for a piece of South Florida paradise.

MORE FROM REAL ESTATE

Real estate Section Front

Foreclosure is a problem for celebrities too Mortage rates fall slightly, but still above record Pending home sales climb in May Foreclosure help available to more homeowners Mortgage applications decline Home prices fall, but trend is easing Reclaiming blighted neighborhoods New-home sales slip, missing expectations Home sales climb, but at a sluggish pace Housing market may return to normal in 2012 Real estate Section Front   Add Real estate headlines to your news reader: