July 12, 2012
All-Cash Buyers Moving Miami Market
Douglas Elliman reports that in the Miami condo market, the median sales price was $185k in Q2, up 28.5% from the same quarter last year. For the luxury market (the top 10% of sales), the median price rose 15.9% quarter-over-quarter to about $1.21M. Prices were up for both distressed properties and ordinarily sold condos. Miller Samuel CEO Jonathan Miller tells us overseas investors have spearheaded the revival of the greater Miami condo market. He notes that roughly two-thirds of all sales, including both upper-end and distressed, are all-cash transactions, an amazingly high percentage in any market.
Original Article // bisnow.com
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