Miami’s Real Estate Market Continues To Flourish As They Lead Home & Condo Sales In Florida
Compared to last year’s records (which were 33 percent lower compared to 2011’s results), this is by far the biggest break the real estate of Miami has had in a long time. Just this July, 2011 – 47 percent of home properties were sold leaving the inventory of home properties close to depletion. But the home properties were not the only ones who grabbed attention – 33 percent of condo properties were also recorded to be purchased according to the Miami Association of Realtors.
Even if it is only a 12 percent increase compared to last year’s stats, the fact that the real estate market is bouncing back from its losses is very good news for everyone. Expect new developments to happen in the near future.
Since Miami is known worldwide as a tourist hotspot, it is no surprise that people all over the world have taken a keen interest in the properties being offered in Miami. In fact, one of the biggest turnaround in the history of the real estate market of Miami happened thanks to the continuous purchases made this year.
Furthermore, due to cash payments being made by the foreign investors and buyers for different properties inside the metropolitan, 57 percent of all the closed residential sales in the Miami-Dade County that were distressed are now looking at a much stable margin. Now that foreclosed properties are continuing to shrink, expect more good things to happen in the best tropical paradise city in the whole country – Miami.
Daily News Miami