How is the Miami Market Changing?

What’s the difference between our current Miami market and the market at his time last year?

The Miami market is changing. We are really seeing a shift; a year ago there were a lot more properties on the market, a lot of short sales and foreclosures and a lot of investors from Canada, Brazil, Argentina, etc.

We still have foreign investors coming. In fact, they made up about 30-40% of sales last year. Not only that, but they are bringing cash which helps stabilize the market.

This certainly helped the condo market. The buildings were in the red and couldn’t get FHA financing. In turn, a 25-30% down payment was required.

A lot of first time home buyers are shifting toward single family homes because 3.5% financing is so much easier to come up with a down payment for.