Cash transactions in Miami are on the rise
They reached 38% of overall closed deals until June 2018
A recent report by the Miami Association of Realtors showed the local real estate market is in good shape; indeed, there has been a significant rise in the sale of residential properties – including single-family homes, condos and $ 1 million-and-above luxury properties – The high supply in the luxury sector offers great investment opportunities for buyers in Miami – Florida.
According to the report, homes spend a short time on the market and are sold for close to asking price. Nevertheless, there is an obstacle that inhibits further growth of the existing condo market: the difficulty in obtaining financing. South Florida s real estate market attracts numerous foreign home buyers who prefer to purchase their properties in all cash due to the lack of access to mortgage loans. This made cash transactions in Miami rise to 38% of total closed sales until June 2018, in comparison with last year 37%. The US commercial mortgage lending market instead remains robust and favourable to borrowers.
Cash purchases in Miami regarded more condo closings than single-family home sales. The inventory of homes available for sale in Miami increased both for single-family homes – for properties above $ 600,000 – and condominiums – for properties above $ 300,000 – but the total active listings remain about 60% below 2008 levels when real estate property sales dropped.
Main source: World Property Journal
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