Why You Can’t Find a Vacation Home in Miami

by Isaac Benmergui, Esq on July 5, 2012

The recovering real estate market in South Florida is outpacing the rest of the country. Foreign investors looking for luxury home and condominiums snap up the best properties quickly because they’re armed with cash and able to pay top dollar. Although the new boom is good news for the region, the bad news is that many people searching for a second home are finding that the pickings are slim, compared to previous years. And bidding wars have ensued.

As Miami’s real estate market stood on June 18, 2012, there were 35,650 available residential properties in the areas of Miami-Dade, Broward and Palm Beach. One year ago, that number stood at 49,350. In 2008, when the data tracking began, there were 108,000. During the real estate bust, developers scaled back new construction to an almost standstill and were not as prepared as they would have liked when buyers returned to the market, thanks in large part to interest from South American and Canadian buyers. The good news is that developers have more than 40 new towers planned for the South Florida coast, which will add 6,800 new units to the market.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

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