THE INFLUENCE OF FOREIGN BUYERS, ESPECIALLY FROM SOUTH AMERICA, AND BRAZIL, IN PARTICULAR, HAVE RESULTED IN A SUBSTANTIAL INCREASE IN SALES OF PROPERTIES IN THE ONE MILLION AND UP RANGE.
In 2011, an average of 51 condo sales over $1 million have sold per month and 41 home sales sold in the same price bracket.
EWM PRESIDENT, RON SHUFFIELD IS QUOTED AS SAYING ” to see this real solid activity we are having tells us how fortunate we are here in South Florida.
More good news, South Florida resale inventory is below 50,000 for the first time since the real estate crash according to the report from Condo Vultures. There are now 22,200 single family homes and 27,700 condo units available for purchase in the tri county area. In 2008, there were more than twice with 108,000 residential units.
So, slowly but surely the market is improving and eventually prices will stabilize in the middle range. Right now, most sales are at prices at 2002 levels in that range.