Miami’s 2013 Comeback

by Isaac Benmergui, Esq on April 3, 2013

Profit upMiami Realtors are happy. The real estate market of the sunny coastal city is setting records not seen since the height of the real estate boom in 2005. The comeback of Miami’s real estate market was proven with a strong showing in the first quarter of 2013 as prices saw a double-digit rise in value and sales and new luxury developments underway.

Despite a shortage of available properties on the market, sales figures continue to climb. Although tourism is a year-round phenomenon in Miami, the upcoming height of the season will only mean more buyers looking for more properties. Realtors are hoping the shadow inventory of homes in foreclosure will boost the number of listings.

“The Miami real estate market continues to exceed expectations and generate optimism,” said 2013 Chairman of the Board of the Miami Association of Realtors Natascha Tello.  “While we expected the surge in demand to drive price appreciation, we did not expect prices to increase as soon and as strong as they did.”

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