Miami Ranks #1 in Lagging Luxury Sales

by Isaac Benmergui, Esq on February 6, 2012

The latest monthly data from the Institute for Luxury Home Marketing shows Miami as the number one market for longest term to sale (308 days) after an available property is listed. Chicago ranks second at 301, and the only other Florida city that made the top ten list was Orlando at 253.

Although the Miami real estate market is finally enjoying some upward movement, it still has a long way to go to match the pre-housing bust vitality. Presently, foreign investors appear to be fueling the South Florida market recovery through a large number of cash sales in anticipation of planned upscale commercial real estate developments.

Low pricing on luxury spots are also playing a factor in acquisitions by foreign investors, but Floridians appear wary of possible job loss and continue to watch their pennies. Having cash on hand to some seems more important than an oceanside view even with low cost luxury at hand.

The law offices of Isaac Benmergui can help you with your legal real estate needs when it comes to purchasing and selling properties. Call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

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