Some very interesting things have been reported in the Real Estate Market this week and we are pleased to share them with you. Firstly, 31.3% of purchases by foreign buyers in Florida have been in Miami Beach. Investors and residential clients alike have spent a total of 10.71 billion this year in residential properties according the Florida Association of Realtors. Of that 82% was made without financing. These cash buyers are aiding in the increase of median home sale prices in Miami Beach and the buyers are also reducing the inventory.
Speaking of inventory, the inventory in Florida, in distressed properties, has risen 11% in July. 92,046 foreclosures were completed in Florida in the last 12 months. While this may initially sound like bad news for sellers, it is not given the lack of total inventory on the market. These distressed properties are highly sought after by foreign investors paying cash. These properties often will begin a bidding war, which essentially has little effect on neighboring homes. If you are looking to sell your Miami Beach home or condo, now is certainly the time. The inventory, even with the statewide completion of foreclosures is still at a 3 month supply, with no shortage of international and domestic buyers. In Miami Beach, there are even fewer distressed properties than around the state. We are pleased to offer you the best and most professional real estate advice.