Earlier this month, disclosure requirements pertaining to all-cash residential sales were implemented in only two markets nationally -- one of them being Miami-Dade County. The primary reason Miami was singled out? More than half of all residential sales in the market are cash sales. Looking at last year, cash transactions were said to account for more than 57 percent of all single-family home and condo deals. The market's high percentage of cash sales reflects its ability to attract international home buyers, who tend to purchase properties in this fashion. Want to learn how to navigate the shifting global luxury market? Register for Global Connect Roughly half of these buyers are from either Venezuela, Brazil, Argentina or Columbia, according to Miami Association of Realtors. Attractive residential submarkets for these buyers include Brickell Avenue, Miami Beach, downtown Miami and Doral. Investor activity within the home flipping sector is another reason for the ...
- More than half of all existing homes sales in Miami are all-cash deals.
- Buying activity among foreigners and home-flippers is the primary reason for the high volume of cash deals.
- New disclosure requirements may be extended after August 27.