Florida has been in the news headlines more than most when it comes to the foreclosure crisis. It was hit earlier and a lot harder than much of the rest of the country and world. So it makes sense for real estate investing enthusiasts to keep their eye on what is going on in Miami as a sign of what is to follow for everyone else. So is the Miami housing market getting hot again?
When you take a look at the real figures you may think ‘hot’ is a huge understatement! Miami-Dade county single family home sales were up 58% year over year in March, while condo sales have rocketed 84% for the same time period. As far as an inventory back up, there doesn’t appear to be much of one in sight according to President of the Realtor Association, Ralph De Martino who said that most of the foreclosures coming on the market are being sold in days. Not positive enough for you? Finally after years of anticipation the famous developer, The Related Group announced new plans on April 20th for a new 35 storey condominium tower on Brickel Key.
Perhaps even more impressive is the fact the 65% of these transactions are being paid for in cash. Just imagine what would be happening if mortgage lending would loosen up a little! This is incredible news for anyone in the real estate investing business. If Miami is bouncing back you can bet the rest of the country isn’t far behind either. So while their are many fantastic real estate investing deals to be found in South Florida right now, perhaps the most value is to be found in those areas that haven’t gotten a taste of the turn around yet. So no matter where you have been focusing your real estate investing, the time to buy and lock in big profit margins is definitely now!