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Is Miami property market different from the other parts of USA?

I mean, the prices didnt drop like the other regions?
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October 14 2011 - Miami
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Miami's market did suffer a drop in prices, but there's been a recent wave of purchases from foreign buyers.  You might want to read this article by the Miami Herald: http://www.miamiherald.com/2011/09/20/2418127/home-sales-numbers-for-august.html.  However, this week they've also reported that there's a huge "shadow" inventory of foreclosures out there, which will act to contain price increases, as an increase in price will trigger waves of additional properties being placed back into the market.    
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October 19 2011
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Not less than many others, but Miami was topped by one other down market in 2010 while in 2009, it had the top spot on the list.

Only time will tell what 2011's final numbers will be, but the early numbers should give any investor pause and lead them to do more research to make sure they are buying at point that makes sense.
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October 16 2011
More than many, and less than others. There are areas where prices are stable, and finally a few where prices haveveven appreciated due to local unusual circumstances.
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October 16 2011
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Miami took a beating like the rest of Florida and is expected to drop more this year here. Are you looking to buy there?
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October 16 2011
It's well known and publicized in the national media that many parts of Florida, including Miami, have really suffered a dramatic decrease in value these past several years. Nevertheless, I would caution you not to reach any conclusions about real estate based on broad based national generic statements. Like politics, all real estate is local. Conduct your research based on local information, ideally coordinated with a local full time real estate agent. Best of luck!
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October 15 2011
Good Afternoon,

The Miami market like many others around the country did experience quite an impact on home prices. Some areas of Miami Dade county saw drops in prices between 30-70%, depending on the location and type of property. Some of the more established neighborhoods and waterfront property saw the least amount of impact, but they were still affected. In the past 6 months, I have seen a stabalizing of prices, with some homes now actually going for higher the current list price. While we still have a sizable inventory of homes, many of those reflected are not truly available as the MLS has not been properly updated. I have encountered many situations with many of my buyers that we are in a multiple offer situation, which means buyers do have to be working with an agent that is set up to know when new inventory hits the market for their buyers. Time truly is of the essence. In properly preparing and educating my buyers I find it easier to get them under contract. This market has  been a challange to be sure, but thankfully I have over 20 years of experience in the real estate and mortgage banking industry that has allowed me to make the changes necessary to adapt to this market.
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October 15 2011
Miami got hit very hard with depreciation? The water communities did a little better. If you purchased a home in 2005 or later chances are you are underwater anywhere in the US. Florida in particuliar has one of the highest short sale and foreclosure rates in the Country. Miami because of it's location and the high demand to live and vacation their has done a bit better.
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October 14 2011
 
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