Wealthy Homebuyers Pay In Cash In Miami-Dade County
by Office Staff
on Tuesday, July 8th, 2014 at 8:00am.
Based on the report by the Miami Association of Realtors, the median sale price of single-family homes in Miami-Dade County was $243,000 and it was by the end of April 2014. It was considered higher by 8% compared to the median sale price in 2013. The median day a single family home is listed on the market is 43 days with supply of inventory of 5.5 months.
Records showed that a major percentage of the wealthy homebuyers in Miami real estate market is from overseas, according to a realtor in Florida. Large portion of these wealthy foreign home purchasers pay for the homes in cash creating the notion that “Cash is still King” in Miami’s real estate market.
According to the CEO of Century 21 Premier Elite Realty, Patricia Delinois, more than half of the homebuyers in Miami is from overseas. This is based on her own experience in the real estate market, which usually involves high-end homebuyers in Miami. And from these homebuyers, 90% of them pay for their home purchases in cash. On her interview on CNBC’s Power House, Delinois reported that most of the wealthy homebuyers who pay in cash came from Argentina, Brazil, Canada, Colombia, Peru, Mexico, and Venezuela. However, she has not mentioned Russian homebuyers as part of the foreign buyers who pay in cash despite Russia being a prominent factor in Florida’s real estate market for the past years.
Power House emphasized the market for Coral Gables. Coral Gables is a major city in Miami-Dade County and just few miles southwest of downtown Miami. As one of the first ever master-planned communities in Miami, Coral Gables is home to some of the most prestigious communities in the region. For the past years, home values in the city have steadily increased and large portion of wealthy homebuyers in Miami prefer to buy homes in this area. Coral Gables is also home to the University of Miami – a top ranked university in the country.