From The Miami Herald May 11-2010

Fueled by overseas buyers, South Florida condo sales soar

In South Florida, International buyers are scooping property, particularly condos, at relative bargains- a reason why home sales are rising.  International buyers are quickly converting their currency into real estate in South Florida, snatching up property at floor-sweeping prices.  They are also taking advantage of low interest rates.

In Miami-Dade, sales of condos skyrocketed 46% during the first quarter, to 1,920, compared to the same period of 2009.  Median prices fell 9 percent to $136,100 ; figures from Florida Realtors show.

Prices have been reduced by 50% over the 2006 highs, and that has increased sales significantly.

Real Estate agents say that buyers who were on the fence before are signing contracts, and renters are realizing it now makes sense to own.

International clients are saying ” We will never see prices like this in Miami again”