By Sergio N.Candido
The Miami real estate market is far from reaching the glory of past years, but it’s showing signs of recovery thanks in part to foreign investors and foreclosure freezes. According to the New York Times, the balance between supply and demand in South Florida is shifting and as Miami Today notes, the improvement in the market is being driven my areas west of Biscayne Boulevard, including Midtown, Wynwood and the Design District. The Times has some interesting facts to back up its case: in 2008 there were 108,000 properties for sale in Miami. Now there are fewer than 48,000 properties for sale, and with supply diminished, the value of homes has increased.
Property sales in the metropolitan area during the first half of the year rose 16 percent from 2010 for the best spring since 2007, the Times reports. Two-thirds of the sales were all cash. Prices are also improving. During the first six months of the year, there were 439 sales for at least $2 million, up 13 percent from last year. Carlos Villanueva, district sales manager for The Keyes Co., told Miami Today that real estate prices are also rising thanks to Miami’s art scene, restaurants and clubs that help attract a “young, hip, pioneering demographic.” This is causing more people to want to move to areas west of Biscayne Boulevard that were not sought after in the past. “Gentrification is in full force in the triangle of Midtown, Wynwood and the Design District,” Rita Regev, broker associate at Optimar International Realty told Miami Today.
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