MIAMI (CBS4) – The real estate outlook may look bleak across the country, but analysts say South Florida is already on the road to recovery.

Analysts say Miami home prices have been on the rise for the past three months and they’re expected to increase even more in 2012.

While home sales and prices across the country are still falling, real estate expert Michael Gerrity said Miami is an anomaly compared to the market.

“We’re one of the fastest recovering if not the fastest recovering real estate market in the country,” said Gerrity.

Gerrity credited international buyers for Miami’s recovery.

“In the month of October according to the Miami Association of Realtors, 64 percent of all transactions were international buyers and out of that 64 percent, 90 percent bought in cash,” explained Gerrity.

Luxury realtor Nelson Gonzalez said all of his transactions over the past three years have been cash sales.  He recently listed a home on Miami Beach for $16.5 million.  Gonzalez said the luxury market has really taken off this year.

“In 2010 there were 25 sales on Miami Beach over five million, and in 2011 [buyers] have already closed on 38 homes and there are another six pending,” said Gonzalez.

Comments (6)
  1. Jimbo99 says:

    LOL, absentee ownership is a real estate/housing recovery in Miami, FL. Where did they find this guy ? Maybe he’s the one collecting the commission and then in that case, it’s recovering for him.

    1. ratbpk says:

      I must agree with this comment. The headline also is misleading. The article talks about Miami only. I live in the Keys, the market here is continuing to decline.

  2. Max Maxwell says:

    Oh it’s recovering allright, it goes hand in hand with all those new jobs down here and all those new teaching positions, Ummm excuse me Mr. Newsman, but every other econmoic indicator says a price reduction of 5-13 % after the new year, maybe this article meant Miami Beach Only

  3. Michael Wind says:

    real estate is over just some people from russia or brazil laudering the money.

  4. Me says:

    Seven years ago, every single condo was owned where I am and it was a really nice community. Now, 80% of the units are rented by Cuban families with 50 of their refugee relatives living with them. Half are foreclosed and it’s a zoo.

  5. Questionaire says:

    What does a real estate salesperson say when sales are down? ANYTHING! That’s what Phyllis S. Smith of North Miami Beach Realtor/Council person was heard to say.

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