Federal reserve official: Miami real estate shift “an amazing turnaround”

Miami’s real estate market has seen “an amazing turnaround,” according to Atlanta Federal Reserve President Dennis Lockhart, the Miami Herald reported. “In 2008 and 2009, what I was hearing was condo towers essentially being empty,” he said at a business sector meeting in Broward County Wednesday. “When someone says something good about Miami, you get some head scratching. People are surprised at how quickly things have turned around in Miami.” It’s been cash buyers and investors that have helped Miami’s real estate boom, the Fed said in its most recent Beige Book. “It’s an amazing turnaround,” Lockhart said. [Miami Herald]