The Real Deal Miami

Tax credit boosts low-end sales

July 30, 2009 09:53AM

The $8,000 Obama administration homebuying tax incentive is playing a major role in South Florida purchases. Data from consultancy Condo Vultures and the Florida Association of Realtors show that 86 percent of the 16,000 properties under contract in Miami-Dade, Broward and Palm Beach counties as of July 27 sold for $350,000 or less. Buyers who waited on the sidelines are now snapping up homes because they want to use the program before it expires November 30.