Remember the housing boom that started in 2003 in South Florida? It seemed that we would never see the end of the inventory. Nearly 34,000 units were created in Miami-Dade County's markets of South Beach, Sunny Isles Beach and Downtown Miami. In Broward County, Hollywood, Hallandale and Downtown Fort Lauderdale and the beach developed 10,000 units.

Hollywood and Hallandale alone developed 5,000 new units. With the influx of sales, statistically by the end of the 3rd quarter of 2011, this market will be considered 'Sold Out'.

In the first 9 months of 2011 nearly $1.5 billion dollars in sales occurred. Now, 7 of South Florida's largest coastal markets have now sold more than 90% of the new units developed. With the vast amount of sales, the inventory is close to being absorbed and it is forecasted to be sold out by 2013 according to the Clerk of the Court. Foreign buyers from an array of Countries such as Brazil, Argentina and Peru assisted in acquiring much of the inventory.

As a result new developments are on the horizon. Developers are planning on creating about 4,000 units in each County of South Florida.


For all your real estate needs please contact Bobby Auerbach at (954) 547-3600 or Bobby@BobbyAuerbach.com


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