International buyers are scooping up properties across Miami-Dade County, moving the local housing crisis farther away from the red zone.
Realtors association data says that there are 10,459 condos and 6,517 single-family homes available for sale in Miami-Dade county. According to the Miami Association of Realtors and the Multiple Listing Service, since January, inventory of these types of properties have dropped 21% (60% since August of 2008).
Most buyers come from South America—Venezuela, Brazil, and Argentina—with many buyers from Canada as well, all purchasing in the $300,001 to $400,000 price range.
These buyers are attracted by low interest rates and advantageous exchange rates, as well as the promise of the future. Because Miami is becoming more and more accessible through increased airlines and flights direct to Miami, buyers know they’ll be able to make a profit on these properties later when the market picks up.
Thanks to help from abroad, Miami-Dade’s inventory could be eliminated much sooner than expected.