The South Florida real estate market continues to grow at a steady pace, thanks to the Foreign Buyers
Miami, Florida (PRWEB) July 19, 2012
When some European nations face the Euro Austerity Programme, Spaniards dread that the country’s economic woes will deepen with the new measures rather than solve them; and in a signal of despair tumultuous crowds are protesting against the draconian measures imposed by their governments.
While this occurs in Europe, in the markets abroad there are high expectations for a worldwide stampede of people and funds from the affected countries. Interinvestments Realty’s management team, perceive this as a great opportunity for the local housing market, as Miami is poised to be a very coveted area for the international homebuyer. The Magic City has been a major hub in the U.S. for attracting European investors, and Florida surpassed all states in U.S. in the number of foreign homebuyers over the last four years, with more than twice the market share of runner-up California.
“The future of the housing market in South Florida presents itself like a beautiful promise,” says Emilio J. Cardenal, Broker/Executive President of Interinvestments Realty, “and currently, real estate agents are having a ‘field day’ selling the most attractive properties to local and international investors.”
“There is urgency in the market as buyers struggle with low inventories and for some Builders they can’t build as fast as properties are being sold,” continues Cardenal. “In 2011, 4,295 permits to build new single-family homes in the Miami-Dade County were requested; our market is the 16th largest market in the country for new construction properties!”
Miami based Lennar Corporation reported second-quarter earnings well above Wall Street expectations, saying. “the nation’s battered housing market has commenced a slow and strong recovery process.”
“I’m increasingly optimistic we’re seeing a real bottom in housing,” Stuart Miller, Chief Executive Officer of Lennar told analysts in a conference last week. “While the downturn was national, the recovery is decidedly very local.”
“It was Lennar’s ninth consecutive quarter of profitability and the fifth month of price increases for South Florida real estate,” continues Cardenal. “Pending, closed sales and median prices rose, while the inventory of houses in Florida dropped in May, according to data released by Florida Realtors.”
“The monthly survey report issued by Credit Suisse shows strong economic indicators for the Miami’s housing market. Buyers’ traffic index increased 67 in June form 57 in May, (readings above 50 points better than expected traffic for this time of the year). This marks the six consecutive month of traffic above agent’s expectations,” continues Cardenal. “Homebuyers are rushing to buy while prices are still low, and many clients are looking for attractive properties before they are sold to other buyers.”
“Home prices showed continuous momentum in June. The house price index increased to 85 from 74 in May, with readings above 50 pointing to higher home prices. This is now the eleventh consecutive month of stable or higher pricing in the region,” explains Cardenal. “Meanwhile, inventories continue to fall as listings index came in at 80. (from 81 in May) with readings above 50 pointing to lower inventories, a positive for future pricing and a great opportunity for sellers to sell!”
“While we typically think of Florida as the top destination for U.S. citizens and retirees looking to buy homes, Florida also is the top state in the U.S. for attracting foreign buyers. Either way, Interinvestments Realty is well prepare to cater to their needs, we have increased our Internet presence; added new Brokers/areas to our referral network; and our sales team has diversified with new agents from different cultures and languages. Interinvestments Realty brand is now well known in the local and international markets, with an unprecedented 97% recognition factor. And finally, if you add to the mix our niche, new construction properties built by Developers, we present a unique selling proposition to the wise South Florida real estate buyer. Yes we’re ready!” concludes Cardenal.
For more information about our listings featuring the most attractive resale properties, including foreclosure and short sales; the best opportunities available in the new construction market; to learn more about our different programs; how to join our sales team and participate in our competitions and contests or be an affiliate member in our referral network, email us or just call at (305) 220-1101.
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