The real estate market in South Florida has ebbed and flowed over the past few decades, bringing with it soaring home values in some periods, followed by devastating downturns.
When the housing bubble of 2006 and 2007 burst, the market dropped precipitously, with values reaching their lowest levels around 2012. The typical home value in South Florida in 2007 for example, peaked at $339,171 before falling to $162,918 in the beginning of 2012, according to numbers from Zillow.
During the low period, people grabbed up homes at very low prices, hoping, of course, that the market would rebound, but not knowing how just much it would skyrocket years later.
