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.