Investment picks up in Miami-Dade, Palm Beach, slows in Broward

Apartment investment activity is starting to pick up again in Miami-Dade and Palm Beach counties but is still slow in Broward County, according to county apartment research market reports released today by Marcus & Millichap. In Miami-Dade County, even though the vacancy rate has risen to the mid-5 percent range already this year and will likely go above 6 percent, transactions have continued, and prices have declined 3 percent during the last 12 months compared to a 13 percent decline over the last two years, suggesting a market bottom, according to the Miami-Dade report. In Palm Beach County, vacancy rates have remained consistent in the face of job losses, and buyers are reportedly in the market for distressed assets or cash-flow properties. But demand for rental housing in Broward County is expected to drop and the vacancy rate is expected to hit the low-8 percent range by the end of 2009. TRD