Miami Condo Market’s “Amazing Turnaround”

by Isaac Benmergui, Esq on June 29, 2012

Even the president of Atlanta’s Federal Reserve has labeled the uptick in the Miami condo market an “amazing turnaround.”  Dennis Lockhart said he’d been hearing about empty condo towers in the downtown Miami market, but a recent survey showed him that 90 percent of the units were either rented or owner-occupied.

Although Miami-Dade remains a depressed market overall, downtown Miami is thriving and the South Florida’s real estate recovery is gaining national attention. Moody’s just issued a report noting that Miami-Dade led Florida in posting the first yearly growth in property tax rolls since 2007. Values increased in the country by 1.5 percent, followed by Broward with a 1.2 percent gain.

Only the Phoenix market showed a sharper increase than the 4 percent rise reported by South Florida, according to the Case-Shiller index.

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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