South Florida leads nation in all-cash home sales

Miami /
Aug.August 19, 2014 05:15 PM

Nearly two-thirds of Palm Beach County homes sold in the second quarter were bought in all cash deals, according to RealtyTrac data.

That makes South Florida the number one metro area in the country for cash deals, according to the Palm Beach Post.

“South Florida has the highest percentage of cash sales of any market nationwide because it attracts a trifecta of cash buyers,” RealtyTrac vice president Daren Blomquist, said.

“Institutional investors are buying single-family homes as rentals en masse. Foreign buyers are looking for a safe haven for their cash or possibly a trophy property. And retirees are downsizing from other markets and able to pay in cash from the proceeds of the sale of their previous home.”

In fact, 64.1 percent of homes in South Florida sold in the second quarter went for cash, smashing the national average of 37.9 percent. In Palm Beach County, that number jumped to 64.8 percent. [PBP]Christopher Cameron


Related Articles

arrow_forward_ios
Donald Trump and The Mar-a-Lago Club in Palm Beach (Getty Images, LoopNet, iStock/Illustration by Steven Dilakian for The Real Deal)
Trump’s toilet triumph: Guests of the former No. 1 will have more places to go No. 2
Trump’s toilet triumph: Guests of the former No. 1 will have more places to go No. 2
Matt Sellick, president, Stock Luxury Homes, in front of 916 South Ocean Boulevard (Stock Luxury Homes, Zillow, iStock)
Oceanfront spec mansion on Palm Beach’s Billionaires’ Row trades for $57M
Oceanfront spec mansion on Palm Beach’s Billionaires’ Row trades for $57M
Todd Michael Glaser (Photos by Sonya Revell)
The Closing: Todd Michael Glaser
The Closing: Todd Michael Glaser
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
From left: 1840 South Ocean Boulevard, 1341 South Ocean Boulevard and 2000 South Ocean Boulevard
These were South Florida’s largest resi sales of 2021
These were South Florida’s largest resi sales of 2021
Private equity honcho buys renovated Palm Beach mansion for $36M
Private equity honcho buys renovated Palm Beach mansion for $36M
Private equity honcho buys renovated Palm Beach mansion for $36M
1700 S Ocean Blvd, Palm Beach (Realtor)
Oceanfront Palm Beach spec mansion sells for $41M
Oceanfront Palm Beach spec mansion sells for $41M
Palm Beach mansion sells for $25M
Palm Beach mansion sells for $25M
Palm Beach mansion sells for $25M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...