57% Of Total Closed Sales Were Cash in Miami in December

57% Of Total Closed Sales Were Cash in Miami in December

 

In its Wealth Report 2013, leading real estate consultancy Knight Frank found that confidence in owning real estate is rising in key global cities around the world, with relatively risk-free investments pushing up prices.The report was compiled by asking the views of 400 private bankers and wealth advisors around the world to give an insight into their billionaire clients’ attitudes. It was revealed that residential property investment rose in popularity among 43% compared to 2012.  Miami along with other global cities is being considered as one of the top options for investors.

The trend of foreign investors pouring their cash in Miami will hopefully continue in the short and long term. In Miami-Dade County, 57% of total closed sales in December were all cash sales compared to 64% in December 2012, but this was still significantly higher than the national average of 32%.All cash sales accounted for 41% of single family home and 70% of condominium closings, compared to a year ago when cash sales were 49% of single family home sales and 76% of condominium sales.

In December 2013, the number of traditional sales significantly outnumbered REOs (bank owned) and short sales. Last month, traditional single-family home transactions were 62% of all single family homes sold in Miami, a significant increase of six points. Further, REO and short sales were 21% and 17%, respectively. In contrast, in December 2012, traditional single-family home sales accounted for 56% of all sales and REO and short sales were 20% and 24%, respectively.

The strength and vitality of the Miami real estate market is certainly encouraging and exciting,’ said Liza Mendez, chairman of the board of the Miami Association of Realtors. ‘Both international and domestic buyers want to be in Miami because of our great weather, multicultural environment, global business opportunities, and enviable lifestyle. Miami continues to mature as a world class, global metropolis, attracting worldwide attention that is boosting the local market and economy,’ she added.

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