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Foreign Investors Take Credit for Skyrocketing Property Sales in South Florida - 18 May 2010

Much of the sales boom in South Florida property can be attributed to overseas investors, area realtors are reporting.

Condo sales in Miami-Dade have increased 46 percent in the first quarter of this year compared to the same period in 2009, while median prices fell 9 percent to $136,100, according to figures by Florida Realtors.

With prices so low, international investors are buying up new developments that cost about 25 percent less than they did during their pre-construction phase. According to area realtors, this strong foreign interest in South Florida has been going on for about a year now, with the greatest number of property buyers coming from Italy, Germany, Great Britain and China.

Realtors say their clients are aware that they may never see such opportunities like this again, since more than half of the properties on the market are foreclosures or short sales. Experts are confident that with investors snatching up homes so quickly, they’ll soon be able to move through the slew of foreclosures and put the bottomed-out market behind them.

Currently, there are less than 40,000 condominiums and town houses for resale in South Florida, the lowest number of available units on the market in the last 18 months.

The only thing that could possibly hamper the demand for homes is the recent oil spill in the Gulf of Mexico, which spread from the Louisiana to the Florida coastline. So far, however, realtors are reporting that they haven’t had to do much damage control.

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