Miami Real Estate: Outlook Better but Still Up and Down

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By Ray Clancy
The Miami real estate market, which was badly hit during the economic downturn, is still having a see saw time with sales of family properties up last month, but condo sales down. Sales of single-family homes increased 6% in June compared with the previous month and 35% compared with a year ago, according to the figures for the Miami Metropolitan Statistical Area (MSA). However, condominium sales fell in June, down 7% although they are still up 54% year on year, the report for the Miami Association of Realtors shows. It also shows that the majority of people are not buying with a mortgage. In June, 59% of closed sales were cash transactions. Cash sales accounted for 39% of single-family and 73% of condominium closings. For the whole of Florida, condominium sales were up 8% but single-family homesales were down 4%, the reverse of the picture in Miami. While in the US as a whole sales of existing single-family homes, town homes, condominiums, and co-ops fell 0.8% and are 8.8% below June 2010, according to the National Association of Realtors (NAR). ‘The Miami market has taken a lead position in sales growth and strengthening compared to the rest of the nation,’ said Jack H. Levine, 2011 chairman of the board of the Miami Association of Realtors


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Pamela Diaz-de-Leon With an accomplished background encompassing Diplomacy, Architecture, Business and Film, Pamela Diaz-de-Leon brings to the real estate industry the entrepreneurial expertise which stem from her interdisciplinary experience. Her world wide network of distinguished personalities carefully knitted of relationships formed in her five years as the Cultural Attaché for the Instituto Cervantes, serving the King of Spain, in Chicago, and her Hollywood connections acquired while working with a recognized film distributor, give her the global platform in which she has developed her business with great success. Knowledgeable, informed and organized she holds ethics and integrity as her highest values thus, providing her customers with an excellence of service that ensures their utmost satisfaction and their continued loyalty to her work. Office. 305.677.5055 Cell. 305.720.8439
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