South Florida's High-Rises Enter Real Estate Nirvana

Home sales in the Miami metropolitan area surged 16% during the first six months of this year. Not only does the figure represent the highest jump since 2007, two-third of the transactions were paid in cash.
July 29, 2011, 5am PDT | Jeff Jamawat
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And to think, the region was considered the glaring symbol of excess rife with defaults and foreclosures at the height of the housing crisis in 2008.

David Streifeld reports, "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."

"Many of the sales are to investors, rich people or foreign citizens benefiting from a weak dollar. [...] For the traditional buyer who wants to put down no more than 20 percent, loans are somewhere between tough and impossible," he adds.

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Published on Tuesday, July 26, 2011 in The New York Times
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