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Area's Land Prices Rise Sharply

MIAMI-Demand is strong for commercial sites in South Florida but the dirt is appreciating faster in Miami-Dade County than neighboring Broward or Palm Beach counties.

By Harold Kelman | Updated on September 18, 2000

MIAMI-Although the number of individual purchases of commercial sites in the tri-county South Florida market during this year’s second quarter was the highest in 10 years, total volume fell to $262.05 million from $310.37 million in the same period of 1999.

A study underwritten by the Keyes Company, a 35-office real estate firm in South and Central Florida, puts the median per sf price paid during the latest period at $13 in Miami-Dade, $6.37 in Broward and $5.47 in Palm Beach.

The Keyes study says land activity has yet to recover from the national real estate recession of the early 1990s. In the five years between 1985 and 1989, the average annual number of second-quarter site sales was 339. In the latest five-year period, the average was 230. The more moderate buying pace since 1995 is cited as a crucial factor in holding down speculation and overbuilding.

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