Miami Housing Market, Like Miami Heat, Are Enjoying A Winning Streak

Miami Housing Market, Like Miami Heat, Are Enjoying A Winning Streak

Source: World Property Channel | May 4, 2011

Based on a new Miami Market Report released this week by Douglas Elliman Florida, South Florida's largest housing market enjoyed a significant increase in sales in the first quarter of 2011. According to a recent on-air CNBC interview, Starwood Capital CEO Barry Sternlicht stated, "The Miami housing market is on fire; driven mainly from foreign buyers of which over half are coming from Brazil. Barbara Lamar of Miami-based One Sotheby's International Realty said, "Sales are brisk in Miami due to a number of factors. Compared to other large cities worldwide such as Paris, Hong Kong, London and New York, Miami prices are a great value." The Douglas Elliman Florida Miami Market Report highlights that sales were at their highest level in more than 5 years, and that there were 25.9% more condo, townhouse and single family sales in 1Q 11 than in the same period last year. [Read this article]