Miami’s Real Estate Market was Bolstered by Foreign Buyers for a Record 2011 in Terms of Number of Homes Sold

Miami_Beach_Oceanfront_Condos_On_Sale.jpgThanks in large part to international buyers purchasing real estate in Miami-Dade County, 2011 set records for the number of real estate sales for all years on record. Yes, even more than the years associated with the real estate boom, and, in particular, the peak of the boom back in 2005.

A total of 24,929 combined condominiums and homes were sold in Miami-Dade County in 2011, up 46% from 2010 and up 4%when compared to 2005.

Condominium sales surged 54%, to 15,009 in 2011, and home sales rose 36% to 9920. Interestingly enough, some are suggesting that Miami Dade County is on the verge of a real estate boom. Demand is particularly high for properties located in the design District, Brickell, and Miami Beach.

A major reason for the record numbers, and boom, is the fact that international investors, with wads of cash, are buying fantastic properties at bargain prices in Miami-Dade County.

Additionally, interest rates and real estate prices remain at historic lows. Bank-owned properties and short sales, comprising “distressed sales,” also helped fuel the real estate market last year. In December, 54 percent of all closed residential sales in Miami-Dade were distressed, compared to 59 percent in December 2010. Unlike a year ago, there are now more short sales closing than bank-owned properties.

Although we’re hearing some good news, today’s current real estate market, and ongoing foreclosure crisespresents all sorts of issues that must be properly navigated.

Often, an attorney is needed to navigate these troubled waters. We currently represent lenders, borrowers, buyers, sellers, and developers. This broad array of experience allows us to effectively take a multi-faceted approach to our clients’ legal issues. No matter what you or your business’s needs may be when it comes to real estate, don’t hesitate to contact Alvarez & Barbara, LLP.
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We are certainly in difficult times. At Alvarez & Barbara, LLP, we understand all of our client’s individual needs and pride ourselves in providing high quality service.

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