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If you have any questions or need more detailed information, please feel free to contact us at 785-294-6873 (785-BY-HOUSE) or fill out the form to let us know how we can help with your real estate needs. Being a very busy person---I must tell you email is best so I don't miss the message can paste it on my calendar.

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Guest Post -- If Miami Condos are Indicator Then Housing Market is Recovering

Posted by Jay Seville on Thursday, August 26th, 2010 at 10:52am.

Are Miami Condos for Sale Prices Going Up?

The question that I get asked most often as a Realtor is "do I think prices are going any lower?". We are in the middle of an economic recovery and although there exists some possibility of a "double dip" I think that for those parts of the country where prices have fallen the most (California, Vegas, Phoenix, Miami) prices of "affordable" properties have hit bottom and have already started to head higher.

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Foreign Investors and Miami Florida Condo Listings Sales

I specialize in Miami condo sales and I can say that prices would have fallen a lot further had it not been for the increase in Latin American wealth coupled with the decline of the US dollar. Europeans and Latin Americans view Miami as a wonderful place to have a second home as it offers wonderful weather, beaches, and a manageable flight from their home country. Miami Real Estate also attracts a lot of "flight capital" from people from countries such as Venezuela, Russia, and Argentina who are worried about economic and/or political instability in their countries.

The Hyperlocal Miami Real Estate Market

Everyone knows right now that Miami is for sale, and these Miami condo for sale video tours will give you a great idea of what is currently available at prices that are half of what they were during the condo boom. Right now, my phone is ringing off the hook from international clients looking to buy a condo for $150,000 or less. These buyers are looking to pay all cash. 75% of all condo transactions in Miami now are all cash deals, so in the event of a "double dip", there won't be a lot of forced selling. As a result, prices for these condos are heading higher quickly and we are experiencing a sort of "mini boom" for the most affordable and desirable properties. I think this bodes well for the overall recovery of the housing market.

The author of this post, Marc Knight, is a Realtor specializing in Miami & Miami Beach condo sales. He operates a website and blog called Miami Florida Condo Shop real estate listings.

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