Condo sales in the Miami metropolitan area , especially luxury continue to rise thanks to foreign investors who see their discounted prices a tempting offer , while continuing the fall of the housing market in the state.
Sales of existing condominiums in the Miami metropolitan area rose 94 percent in April , from 723-1404 units , compared with the same period in 2010, according to figures from the Miami Association of Realtors .
Regarding the sale of family homes, an increase of 40 percent in April from the previous year was recorded , but down 19 percent from March .
" There's like a revival " in the city , but in " very localized areas " as the center , including the Brickell area , the financial heart of Miami , told Efe Utset Clara , Realtor Realty World Real Estate Center.
It is therefore a very localized phenomenon at low for the property market in the city, where the decline in home values continues hours.
" I have not seen yet the market is changing. Prices have not stabilized ," said Utset , who said the "contradictory information " that currently broadcast experts .
In fact , he said, "the market has not yet bottomed out," according to experts, and " what I see is that it's much inventory of foreclosures and 'short -sale ' " in the city .
In your opinion, is just falling housing prices " what is moving the market" property .
In addition , most real estate transactions are made in cash , because " the bank still with enough restrictions" in providing credit , he said.
According to the Miami Association of Realtors , international sales accounted for 60 percent of total sales of resale and 90 percent of new construction .
A typical case of this flow of foreign money that comes to the rescue of the market is the Icon Brickell luxury condominiums , most of which was held by lenders when the real estate market collapsed in 2008 and 2009.
The complex of 1,800 units , the work of the developer Related Group , who until recently lived very low sales hours , has seen a marked improvement in the business opportunity that involves falling prices .
Just over a year after a group of banks became owner of two of the three towers that make up the Icon Brickell , has already sold more than 930 units of these , about three-quarters of the condos for sale, according to information gathered by The Miami Herald.
Buyers are mainly Argentines and Brazilians the most of these luxury properties Icon , whose initial asking price fell as much as 40 percent are held.