Miami Real Estate: Miami residential Sales Recovery Rockets Past Rest of Nation

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By Yudislaidy Fernandez
After experiencing one of the worst housing market crises, Miami is making a strong comeback — above other major cities in the US — fueled by international investors buying local real estate with cash. The coastal and desert regions in the US, including South Florida, are seeing significant sales activity compared to the rest of the nation, with foreign buyers representing the primary group actively scooping up homes and condos at discounted prices. Regions like Southern California, Tucson, Miami and Las Vegas are seeing an increase in the number of units sold, said Ron Shuffield, president of Esslinger-Wooten-Maxwell Realtors, part of HomeServices of America, a Berkshire Hathaway affiliate that owns a network of 23 realty firms nationally. On the other hand, the Midwest has taken a hit as its sales were greatly fueled by the first-time homebuyer tax credit, an expired federal program that during its run stimulated home buying in the US.
“When that money ran out, those sales decreased,” Mr. Shuffield said. “They have not enjoyed the sale increases of the coastal and desert regions. Although Florida is the top state for international buyers, this buyer segment is also actively taking advantage of deals throughout the country.


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