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Miami Luxury Condo Market on the Upswing

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Services for Real Estate Pros

Miami Real Estate - Miami Foreclosures

Looking for Miami real estate for sale?  Often overlooked markets include homes for sale in Homestead Fl and homes for sale in Doral Fl - look here for great Miami real estate deals!

Anyone who has been paying attention to the Miami real estate market knows well what the recession and economic downturn in the country has done to the Miami condo for sale market.  Condos for sale in Miami were once some of the hottest pieces of real estate in the country, as evidenced by the huge number of Miami luxury condos that were built right before the crash.  When the crash hit, it hit downtown hard.  The number of vacancies of condos for sale in downtown Miami were astonishing.  However, the Miami Herald is reporting that the tide may be turning for Miami condos - at least for luxury high-rises.  Last year, more condos that were priced at more than $1 million were sold than in 2006 - which of course was the last year of the real estate boom before it all came crashing down.  In 2006, there were fewer than 500 luxury units sold ($1 million or more), while in 2011 there were almost 590 sold.  It would seem that the market for Miami luxury condos is coming back.

In one year, from 2010 to 2011, the market for Miami luxury condos jumped 29%.  Reporters are seeming to attribute this great increase to foreign purchasers with buying-power entering the Miami real estate scene.  Foreign buyers have always had a large hand in the numbers of homes for sale in Miami and condos for sale in Miami that are purchased.  Markets like downtown Miami real estate and Miami Beach real estate for sale have consistently been impacted by these buyers.  While economies are struggling throughout many countries all around the world, there are a few new-comers whose economies are strong, most notably Brazil.  It is being reported that Brazilians are making up a huge percentage of new deals including condos for sale in Brickell and condos for sale in downtown Miami.  The New York Times reports that it is expected that in 2012, Brazilians will overtake Venezuelans as the largest foreign purchasers in Miami.

This new surge is not taking hold in other counties, like Broward County, where the demand by foreign investors is not as high. Many throughout Miami-Dade County, however, are hoping that this effect will take hold in other markets, like Homestead or Doral.  Residents trying to sell their Homestead Fl homes for sale in neighborhoods like Keys Landing homes for sale, and residents trying to sell their Doral homes for sale in neighborhoods like homes for sale in Doral Isles are looking at this upswing in Miami condos with hope.  These markets would also greatly benefit from foreign investors, and great deals can be found in these cities.

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