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Miami Housing on the Rebound?

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  • Description

    Miami Association of Realtors chairman-elect Natascha Tello argues real-estate is on the mend.

  • Duration 2:18
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-- All right.

One of the hardest hit housing areas in the country South Florida is now bouncing back.

Faster and stronger than anyone had expected this according to my next guest joining us down -- hello from the Miami association of realtors thanks for being with us -- -- -- Is this rebound for real or is -- a case of I've been down so long it all looks like up to me.

Benefit really seemed like we are on the mayor of Miami has done very well we are bucking the national trends right now.

Okay and how much your prices up and what kind of buyers are coming in.

Well over and over 2010 prices are actually up 46%.

Our inventory has also dropped 34%.

And we are being flooded with an international buyer job you know some estimates estimate about 60% of our buyers are now coming from -- -- purchasers.

Now -- all over the world let America always a big supply there in South Florida very good buyers from beyond Latin America.

Absolutely our neighbors to the north and -- up.

And we also have -- -- we see the French fires are -- purchasing in Miami have been waiting for the Chinese and the Indians begin to realize that real estate is under -- here.

In the US where as the demand for very high price -- there for middle homes.

The demand is is really broad base right now we are seeing the luxury market meeting at a much -- you know much faster pace than we've seen in previous years.

But we're also -- first time home buyers stepping into the marketplace the investor market both domestic and international there's a huge market for that.

Right now and we're also seeing move up and moved down buyers people that may have been locked in their homes previously are now starting to.

Move up the opportunities -- the values are just incredible in our markets let him.

Dennis prices are off you know thirty to 60% from the heights of 2005.

The -- -- sale we have great value.

What this case more of the sellers finally being willing to admit reality and lower their price -- was this a case of the prices finally coming up with a sellers want it.

It's -- -- in the market have to find a balance you know we had been to -- we had appreciated so rapidly.

And then we depreciated just as a rapidly down here and really now we filed a balance but there is still a great value and our market.

All right thank you very much for being with us to talk to fellow you know guys -- out of out of terrible things can come good values that's immoral were --

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