Miami’s $1M Home Sales Up in January

by Isaac Benmergui, Esq on March 5, 2012

Sales of condos fetching $1 million and more were up in January for the Miami-Dade and Broward areas. Realtor Ron Suffield said his office wrote 48 contracts in one month for the pricey real estate. Compare that with a total of 324 for all of 2011. “As inventory shrinks, prices can only go up,” notes real estate attorney Isaac Benmergui “which can pressure buyers to act quickly before making sure all the paperwork is correct.”

Waterfront and gated communities are seeing the highest amount of interest from both foreign and domestic buyers; there remains a large “shadow inventory” of foreclosed homes which are starting to trickle into the market. Banks aren’t flooding the market with those properties in order to keep the recover inching upward.

Protect Your New Home Purchase

“Anyone purchasing a property that was previously foreclosed upon really needs to have an attorney look over all the paperwork before they sign anything,” says Benmergui. “Some of those homes were improperly foreclosed upon and everything should be reviewed before the closing.”

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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