Miami Real Estate: Miami Condo Prices Rise 8% in July, First Time Since 2008 Bust

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By Michael Gerrity
Based on the latest data from the Miami Association of Realtors, sales of existing single-family homes Miami Metropolitan Statistical Area (MSA) rose 47 percent in July, from 593 to 873. Sales of existing condominiums increased 33 percent, from 837 to 1,110, compared to July 2010. Statewide sales increased 12 percent to 13,874 for single-family homes as well as 12 percent to 5,904 for condominiums compared to July 2010.  Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops decreased 3.5 percent from June but were 21 percent above July 2010, according to the National Association of Realtors (NAR). “Miami is a hotspot for tourists, the entertainment industry, and global corporations, generating attention from around the world and boosting the local real estate market,” said Jack H. Levine, 2011 Chairman of the Board of the Miami Association of Realtors.  “While local housing inventory has declined dramatically over the last three years, the local market still offers opportunities for all types buyers and competitive pricing compared to many U.S. and international markets.”
Cash Transactions
The percentage of cash transactions was unchanged from the previous month, 59 percent of closed sales were cash transactions.  Cash sales accounted for 39 percent of single-family and 74 percent of condominium closings.

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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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