Condominiums In Miami Played A Big Role In Recent Home And Condo Residential Sales Of 2011
As we head over to the last few days of August, we are looking at one of the most successful real estate ventures the city of Miami has had in a long while. Now that the condos found in Miami’s inventory are constantly shrinking due to countless condo property purchases that have accrued just this year.
Miami-Dade County can finally take a breather now that excess condo properties have shrunk into a more believable margin. The experts agree that this is a start of something really nice for the Miami-Dade’s real estate developments.
According to the resale activity that has been thoroughly reviewed by Esslinger Wooten Maxwell, most of the Southeast Florida Regional Multiple Listings Service has reported an increase of up to 63 percent of market sales just this year (starting on February of 2011) which was reported to be the highest so far.
Although the following months after February was not as successful, July’s sales still made a huge impact in the real estate market as it tallied 56 percent – which is the average resale percentage dating back to 2003 – when the real estate boom took place.
With only 3 percent of luxury properties in the whole Miami-Dade County experiencing distressed properties, the pressure of getting people interested in these properties is not an option right now, as more and more real estate agents try to push condominium properties to interested buyers.
It is not a surprise that condominiums have taken a huge leap in the current success Miami-Dade County is experiencing especially after the 63 percent boost. What happens next? Expect more shrinking property sales price, and as well as the continued purchases of condo properties all over the Miami-Dade County.