Recent data made available from Palm Beach, Broward and Miami-Dade counties has indicated a significant decrease in foreclosed homes and condos in South Florida. As of early June 2011 it was found that the amount of foreclosed Miami real estate is now at 11,551. This number is favorably decreased from last year's 30,635 homes and condos which caused one of the worst bust cycles in South Florida. Key contributors to this extreme drop in foreclosures is a rise in employment throughout the state and a generous amount of foreigners that buy these Miami properties.
According to the latest statistics, the properties in and around Miami are experiencing a buying frenzy at phenomenal rates. This boom in the Miami housing market has attracted many saavy investors to these incredibly desirable properties. The value of real estate in Miami has also taken a turn upwards, which is great for the economy of the state of Florida.
Home sales have gone up even more significantly than employment according to 2010 figures. Single family home sales are up over 50% along with condo sales up over a whopping 130%. Historically, the state of Florida has always experienced these boom and bust cycles. Clearly in 2010 home values were down, transforming the real estate scene into a buyers market.
Upscale Miami rentals have also become popular, with Miami Beach rentals leading the way. These properties have literally vanished as prospects from New York have choosen South Florida for their preferred place of residency. A healthy share of New Yorkers are seeking both buying and rental opportunities. A time where pocket listings that do not require an MLS listing for rental has come around again. In downtown Miami and Brickell, a report from the Downtown Development Authority showed a 31% increase in February of this year. That is a significant rise from 2009.
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Miami Foreclosure Statistics for 2011 and South Florida Real Estate
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