More Distressed Home Properties Shrinking As More Home Sales In Progress In Miami-Dade County
More and more properties in Miami that are sold lower than most average homes in the United States continue to be the top favorite by many investors and buyers throughout the globe. In Miami-Date alone, their inventory has been declining due to distressed home properties up on sale – which no one seems to be interested on.
Most of these distressed home properties usually consist of short sales or foreclosed properties – which are valued less than $300 thousand for each property. The number of distressed home properties for the year of 2011 has been enormously high during the 1st quarter at 64.7 percent. Then around 2nd quarter of 2011, it fell to 53.9 percent – which was a great positive sign for the struggling real estate market, due to its continuous flop over the past few years.
As far as the Countywide is concerned, the sales for single family homes that are under the category of $200 thousand – which were also product of last decade’s boom – the properties sold in those areas over the past 2 years only accumulated 57 home properties – with the last sale recorded in July, 2011.
On newly developed home properties however, the real estate market’s inventory for Countywide dropped 38 percent – which is approximately 3,666. Most of these home property sales were just in the span of 2 and half months thanks to countless foreign buyers and investors buying properties in cash.
There may not be any definite solution to the countless distressed properties scattered all over Miami – but hopefully more interested foreign investors will consider getting a nice property in these parts of Miami-Dade, and the rest of the properties located in South Florida. All we know for sure are good things will happen soon.