{"id":941,"date":"2011-08-04T19:41:30","date_gmt":"2011-08-04T19:41:30","guid":{"rendered":"https:\/\/newwebdev.wordpress-developer.us\/hauteresidence\/?p=941"},"modified":"2012-05-12T19:42:28","modified_gmt":"2012-05-12T19:42:28","slug":"new-growth-in-miami-housing-market","status":"publish","type":"post","link":"https:\/\/newwebdev.wordpress-developer.us\/hauteresidence\/new-growth-in-miami-housing-market\/","title":{"rendered":"New Growth in Miami Housing Market"},"content":{"rendered":"

Miami-Dade County\u2019s real estate market is showing signs of recovery.\u00a0The reason: wealthy buyers, both local and foreign.<\/p>\n

After the real estate crash of 2007, development stalled in Miami \u2013 a situation mirrored in other parts of the United States. A rash of home foreclosures affected one in five households and nearly 200,000 families in South Florida defaulted on mortgage payments.<\/p>\n

While plans for high-rise buildings were a dime a dozen, most home sales resulted in bank repossessions. As buyers fled, the Magic City \u2013 typically an embodiment of decadence \u2013 struggled with incomplete construction projects, recanted deals and squatters.<\/p>\n

Since the beginning of this year, however, things are looking up.<\/p>\n

Foreign investors and multinational developers are channeling funds into local property, thus beginning the resurrection process of Miami\u2019s construction market.<\/p>\n

\u201cThe Brazilians walk in, they don\u2019t even negotiate,\u201d said real estate tycoon Gil Dezer to The New York Times. \u201cIt\u2019s a no-brainer for them.\u201d<\/p>\n

By mid-year, home sales had increased by 16 percent from 2010, reported DataQuick, a research firm. Sales worth at least $2 million also rose by 13 percent from last year.<\/p>\n

The economy\u2019s sharp decline in 2008 created a situation where supply far outweighed demand. Now, developers say home values have improved given that there are 48,000 properties for sale, as compared to 108,000 from three years ago.<\/p>\n

While developers are hesitant to call this upward trend a \u201cboom,\u201d investments from multinational companies have resulted in the emergence of large-scale mixed-use development projects.<\/p>\n

With the Obama administration conferring with mortgage providers for new procedures for those in dire straits, new foreclosures have trickled down and old cases are snared in legal battles.<\/p>\n

\u201cPeople should thank the foreclosure mills,\u201d Peter Zalewski, founder of Condo Vultures, told the Times. \u201cThey gave the whole market a reprieve.\u201d<\/p>\n

Although there is no saying whether Miami\u2019s fragile housing market is on schedule to come roaring back, it currently appears to be faring better than other cities embroiled in housing crises like Phoenix and Las Vegas.<\/p>\n

\u201cPeople thought it would take at least a decade to get back to this point,\u201d Zalewski said.<\/p>\n

Source: The New York Times<\/a><\/p>\n

Like Haute Living South Florida? Join our Facebook page<\/a> or follow us on Twitter @HauteLivingFL<\/a>. Want Haute Living South Florida delivered to your inbox once a week? Sign up<\/a> for our newsletter.<\/p>\n","protected":false},"excerpt":{"rendered":"

Miami-Dade County\u2019s real estate market is showing signs of recovery.\u00a0The reason: wealthy buyers, both local and foreign. After the real estate crash of 2007, development stalled in Miami \u2013 a situation mirrored in other parts of the United States. A rash of home foreclosures affected one in five households and nearly 200,000 families in South […]<\/p>\n","protected":false},"author":34,"featured_media":942,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1749,1],"tags":[],"class_list":["post-941","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hlrn","category-news"],"acf":[],"yoast_head":"\nNew Growth in Miami Housing Market - Haute Residence by Haute Living<\/title>\n<meta name=\"description\" content=\"Miami-Dade County\u2019s real estate market is showing signs of recovery.\u00a0The reason: wealthy buyers, both local and foreign. 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