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Majority of Real Estate Investors in Miami are Affluent Overseas Investors

The real estate market of Miami is no more vulnerable to economic down fall. It has strengthened its niche on a firm foundation of cash. According to Miami’s downtown development authority, home prices were up by 21.14% in the third quarter and went on to 11.6% in the past year.

Ocean Front Mansions

What is propelling the Miamian real estate market towards profit is the growing interest of overseas candidates. Impeccable location, soothing climate, luxury condos, ocean front mansions are the main factors favoring foreign investments. As per the reports given by CNBC’s Robert Frank, last year Russian investors had spent more than $1 billion in Miami real estate and warm weather, private mansions and limited disclosure requirements are the principal reasons for it.

“I think right now we’re seeing the luxury market like it’s never been before,” said Jill Eber, one half of the Miami real estate duo known as The Jill’s and a 25-year veteran of the Miami market. “I’ve never seen prices like we’ve seen this past year. We had the record sale in the history of Dade County and in Ft. Lauderdale, for $47 million.”

 

Read the full article at: http://www.businessinsider.com/current-state-of-miami-real-estate-market-2012-11.

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