Miami Beach buyers turn to all-cash deals

By Alexander Britell | July 22, 2010 11:15AM

A home at 4411 Pinetree Drive in Miami Beach

From the South Florida website: Reluctant
banks have led to a new wave of buyers in Miami Beach real estate —
those looking for quick, all-cash deals. With financing not just
difficult to obtain but also time-consuming, sellers are looking to
move their homes faster, and buyers, with cash lining their pockets,
are ready to move on deals. As has been the trend in Miami Beach, the
new all-cash buyers are Europeans armed with easily accessible funds
and are eager for quick deals on higher-end properties. “With the state
of the market being what it is, it’s typically a 30- to 60-day process
for financing,” said Peter Zalewski, founder of Condo Vultures Realty.
“If you want to come in with financing, you’re going to have to put in
a 15 to 20 percent premium. The seller would rather take less money and
move it in 20 days.” [more]