Miami Beach Condos: Florida’s Real Estate Inventory Shrinking

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By Carole VanSickle
The number of homes for sale in South Florida has shrunk to the lowest number since 2008, with about 49,900 residential properties on the market as of last week[1]. That is less than half of the number for sale in November of 2008. Peter Zalewski, a principal with Condo Vultures, credits foreign buyers who are “scooping up South Florida properties at dramatic discounts” with the decrease in volume, and points out that these buyers have an advantage over domestic buyers who are dealing with a lack of financing options. But the property demand is not equally distributed throughout the state. In fact, Palm Beach County carries nearly 36 percent of all of the homes for sale in South Florida. Zalewski predicts that investors are starting to look away from Miami, which he believes has largely “stabilized,” toward Broward and ultimately Palm Beach.

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