Miami Real Estate: Miami’s Real Estate Fever

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By Richard Defendorf
A recent New York Times story about climbing home sales – and, more important, declining foreclosure inventory – in South Florida seemed so incongruous with the area’s reputation for real estate devastation that we wondered for a moment if the heat had finally gotten to us. But there it is: a 16% increase in home sales in the first half of the year over year-ago figures, and the best spring sales since 2007, according to real estate analytics firm DataQuick. What’s more, sales of properties listed for $2 million or more were up 13% from January through June. One key to this mini surge is banks’ self-imposed lag in delinquency processing as they try to address the foreclosure-mill mess. The lag has given moneyed investors time and opportunity to scoop up some of the country’s cheapest real estate, much of which tanked in value by 50% from its pre-cash high. It is telling, though, that two thirds of the sales that closed during the first half of 2011 were all-cash deals. As the Times pointed out, lending requirements are very stringent; most of the buyers are “investors, rich people, or foreign citizens benefiting from a weak dollar.” Current inventory in Miami is just under 50,000 – less than half of what it was as the crash unfolded three years ago.

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About Pamela's Blog

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
This entry was posted in Green Housing, Miami Beach Condos, Miami Real Estate, Miami Waterfront Properties, South Beach Condos, South Beach Real Estate and tagged , , , , , , . Bookmark the permalink.

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