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The Real Deal Miami

Cash buyers take over SF market

October 31, 2011 02:45PM

The vast majority of homebuyers in Broward and Palm Beach County are paying for their deals in cash, whether they hail from America or abroad. That represents a marked shift since the years of the
housing boom, when approximately 10 percent of sales in Broward and Palm
Beach County were cash deals. “The cash buyer is the market right now,”
said Mike Pappas, president of the Keyes Company. “It’s amazing to see
the number of cash transactions in the marketplace. It boggles your
mind.” Around 60 percent of deals last month in Broward and Palm Beach
were cash, an increase from a year ago, according to the Miami
Association of Realtors. [Sun
Sentinel via WPTV]