28 Apr Surprising Condo Market Recovery – Can You Guess Where?

The hardest hit real estate market in the U.S. is making a resounding recovery! The Miami Association of Realtors report that existing condo sales topped 1,500 units in the month of March. That’s an 85% surge in the market!

It’s surmised that lower priced units and record low mortgage rates are responsible; however, these low prices actually attracted a large percentage of cash buyers. In fact, more than 64% of buyers paid cash.

What is not surprising is that buyers came from around the world to get their hands on American condos at the lowest prices in more than 15 years: more than 90% of new construction condos were purchased by non-U.S. buyers.

What do you think this means for the overall market recovery? Is this a step in the right direction, or is that fact that 60% of all closed residential sales in Miami-Dade County were distressed giving us false hope? Do you think this is unique to the Miami market, or a starting trend for Condos?