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Miami Beach buyers turn to all-cash deals

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Editor's note: This article is reposted with permission by The Real Deal. Click here to view the original article. By ALEXANDER BRITELL Reluctant banks have led to a new wave of buyers in Miami Beach real estate -- those looking for quick, all-cash deals. With financing not just difficult to obtain but also time-consuming, sellers are looking to move their homes faster, and buyers, with cash lining their pockets, are ready to move on deals. As has been the trend in Miami Beach, the new all-cash buyers are Europeans armed with easily accessible funds and eager for quick deals on higher-end properties. "With the state of the market being what it is, it's typically a 30- to 60-day process for financing," said Peter Zalewski, founder of Condo Vultures Realty. "If you want to come in with financing, you're going to have to put in a 15 to 20 percent premium. The seller would rather take less money and move it in 20 days." Nelso...