Small wonder that Miami condo sales have skyrocketed! Miami condo prices dropped 40-50% below what they were at the height of the Miami Condo Market Boom… back in 2006. Inventory has dropped considerably, with fewer condos and townhomes available for purchase right now than at any other point in time during the past year and a half.
Due to a significant drop in inventory (and a parallel price drop) Miami has seen a notable increase in international acquisitions thanks (in part) to investors from Italy, England, Germany, Spain, Venezuela, Brazil, Dubai and the Far East.
With favorable exchange rates, and concerns over investments that are “other than” real-estate-related, the international community is keeping a sharp eye on Miami… acquiring property in South Florida, left and right. International buyers are targeting pied-a-terre’s and second/ or vacation homes that offer them easy access to Miami’s beaches and airports: Miami Beach, Brickell, Downtown Miami, Key Biscayne and Coral Gables….condos and townhomes, both.
EWM statistics show a conspicuous rise in property sales: 2,237 condo sales in Miami-Dade and Broward counties last month alone (April 2010) – up considerably from the 1,875 figures reported in condo sales from April 2009.
These statistics, derived through EWM compilations of MLS data, are publically available.
As a result of solid increases in sales, available real estate inventory of real currently on the market in South Florida is 3/4 what it was, even a year ago.
Vicki and Alexandra Restivo of EWM Realtors, calculate that “Slightly more than 50% of the property sales now closing are short sales and foreclosures (and mostly the latter, given what’s crossing our desk). Less than 50% of today’s sales consist of non-distressed sales, simply because this is a buyer’s market, and not one in which sellers who don’t need to sell, are doing so.”
Within the past week, Alexandra and Vicki Restivo who specialize in international acquisitions and relocations, sold 4 townhomes and one waterfront condo… each to foreign investors, looking to buy property in Miami. The Restivo Team, Miami Real Estate Experts report “With current real estate trends, we are seeing signs that the market stabilizing, particularly in Miami-Dade. We may well have a bit left to shake off … but we seem to be on our way… up and out.” If you are interested in buying or selling real estate in Miami, and need the assistance of a knowledgeable local Realtor familiar with international acquisitions, please call us today. 305-793-1365 EWM Realtors International . Cercasi Casa A Miami … Agencia Immobiliare Miami