May 21, 2013
Strong demand and limited inventory is causing a buying frenzy in South Florida. The real estate boom is reminiscent of 2005 and 2006, except today’s buyers are using cash and heavy equity. Multiple offers are coming in for the current supply of homes and condos, and properties are fetching their asking prices or more.
The coastal and urban areas in Miami-Dade and Broward counties have seen the biggest rebounds, but the surrounding areas are also seeing revved-up interest from buyers. With housing prices continuing to increase amid the decreasing inventory of homes and condos for sale in Miami, buyers are feeling a certain sense of urgency to purchase property before it’s too late.
On the luxury end of the real estate market especially, there is a vast amount of international wealth vying to purchase a limited number of properties. To keep up with this demand, a multitude of luxury buildings are in various stages of planning and construction.
Source: The Miami Herald
