Foreign buyers have been the #1 buyers of South Florida real estate for more than a decade. However, for the past few years, there was a tremendous decrease in Latin American buyer’s activity due to inflation and unstable local governments. However, according to the Profile of International Home Buyers Report of 2018, there was a rose of 23% of foreign purchase activity in 2018 compared to 2017. Out of those foreign buyers, Brazilians are in the top of the list.
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Even though prices keep on increasing in Miami, cash is still number one. Almost $1 billion of sales has been registered in March 2016 for residential units of single-family homes in Miami Dade. The median price went up by 7.7% as compared to the price for condominiums that dropped by 2.6%. Despite 5 years of record sales, Miami keeps on registering sales in the range of high price points.
Knowing that 50% of all transactions in Miami-Dade County are cash, it shows that home buyers are still very much invested in Miami real estate market. Read the rest of this entry »