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Jill Eber and Jill Hertzberg of Coldwell Banker Worldwide on the real estate market in Miami and the potential for a housing comeback.
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Closure rate in 2007.
But not a market in the sunshine state is heating up with more Jill Hertzberg and Jill -- of Coldwell Banker.
The real estate -- known as the -- thanks for coming on the show tonight I think everybody likes to hear about Miami and South Florida.
And when you start by asking you know how is the market -- now we know that there were big problems in Florida for a long time.
Has Miami turned the corner.
Miami has turned the corner beautifully.
Since 2011.
Since early 2011.
The market has really pretty much gone through the -- He.
Foreign money coming in here as well as the Americans.
Have you know they just been buying up everything on luxury market has been on fire right.
Well and so obviously foreign investors key where they coming from -- labor.
Oh they're coming from Brazil from Russia from Canada really pretty much all over South America.
And -- Europe.
Americans we have a huge amount American's.
-- let's get a.
Here I like to hear that sad everybody's down there I.
I'm curious about what you see for the coming year is gonna continue -- -- hearing a luxury market so this isn't entirely different market than what.
A lot Americans see.
As -- -- up first to recover last to recover what do you see here.
I think that.
Typically -- -- New York is probably the first to recover.
Well we have very -- recovery.
And 2011.
There were about fifteen properties that were sold over ten million in 2010.
There were only about eight.
Wow OK what we're looking at some of the properties from your website.
And let me tell you they are very very pretty.
A lot of our viewers are really interested in buying a second home and one of the things are wondering about right now is is now the time -- people try to make that.
You know timing decision what is the best time to get into the marketplace.
-- Hertzberg what do you say.
I think it is I think what happened in the market isn't obviously in 2009 and -- the market decreased considerably.
And buyers weren't buying to Wear short sales coming -- -- foreclosures -- -- read in the Paper on the news and understood that.
And it did hit its bottom at the -- and -- ten.
The beginning of eleven people started to come in and buy up the short sales the foreclosures and then into the single family homes and condos.
And realize it so our summer this last summer.
It was amazing the market basically doubled in sales -- opportunity.
-- wow.
I remember when there is not enough bad Ali empty condos the see through condos it's really changing warn you guys stories totally changed now.
Would you -- -- to something that Robert Shiller had to say which I thought was astonishing and and intensity of -- -- he's never very excited about the market.
He said that there would be no turnaround in housing prices in our life time.
-- -- what do you say.
I think he better go back and reevaluate everything happened because it is what's happened is.
I think what's happened is especially from the people from the United States.
There's a lot of potential tax.
Laws going into place next year and I think that's what's.
Bringing a lot of the hedge -- people down here.
What tax -- there's a lot of investment and there's there's no state income tax and Miami and well right I should always been that way.
-- chill Hertzberg what do you say to Shiller comments that -- never gonna get a recovery believe that.
Not what is happening now so it unfortunately has proven wrong I mean it is happening now.
And we are selling all those empty the -- Miami downtown quarter that was empty.
They're all sold out you can't even get the apartments now in the rental market has.
Actually taken off hop.
As hard to you know get those kind of deals anymore and really I think that by next summer those opportunities are going to be -- I -- the markets not flying up.
But it's stabilizing and then press doesn't exist up again a follow up question and that is just made it.
I'm worried that I was just going to say and -- and 2009.
And 2010.
Which would very very -- -- years for everybody.
We had no we had it was dead as far as any speculators.
Now all of the sudden.
People are buying land here -- condos here.
Building this year and it's a flurry of activity which is amazing because in the next couple of years.
We're going to have a lot of brand new product on the market -- Hertzberg quickly we have -- -- but I -- to just ask you your best piece of advice for people out there.
Who want to get into the market and her dying to find just the right property.
What would you tell them.
I would tell them most of those people have been looking and they've been waiting I think now's the time to target exactly what an issue one.
And in it is time to do it and we'll wait -- gag people are starting to feel it that that -- the rates are good the prices are good.
You need the house you need the Condo.
Rentals are good so.
I think it's a very safe time to get back into the market and you're buying right you deathly buying right -- organ actually that there of that into the -- Jill team.
Thanks for coming on the show tonight really appreciate your time thank you so much -- --
