MIAMI — South Florida is the default capital of the country. Here in Miami-Dade County, one out of five households with mortgages is in foreclosure. Nearby Broward and Palm Beach counties are not far behind. Nearly 200,000 South Florida families are stuck in the mire of default.
And yet much of Miami is gripped by a housing mania as the oversupply of distressed homes dries up and foreigners and investors swoon. Only a few years after it seemed there were so many unwanted high-rise condominiums that the only solution was to tear some of them down, there are plans to build even more.
Home sales in the metropolitan area during the first half of the year rose 16 percent from 2010 for the best spring since 2007, according to the research firm DataQuick, far outpacing the negligible growth in the rest of the country. Two-thirds of the sales were all cash.
Prices, after a brutal drop, are firming up or even increasing. During the first six months of the year, there were 439 sales for at least $2 million, up 13 percent from last year.
“People thought it would take at least a decade to get back to this point,” said Peter Zalewski, founder of Condo Vultures, a real estate consultant.
“The Brazilians walk in, they don’t even negotiate,” said Mr. Dezer, who said he would announce two new projects by the end of the year. “It’s a no-brainer for them.”
Read all about it, From NYTimes.com
By DAVID STREITFELD
Published: July 26, 2011
Affluent Buyers Reviving Market for Miami Homes
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