Cash deal decline bodes well for SoFla market

Miami /
Aug.August 27, 2014 01:30 PM

Cash real estate deals are starting to decline in South Florida, a potentially positive indicator of banks getting back in the residential lending game.

South Florida is still a national leader in all-cash sales. But Palm Beach County had a year-over-year decline of 11.5 percent last month, when cash deals accounted for less than 42 percent of all transactions, according to the Realtors Association of the Palm Beaches. That’s the lowest percentage of cash sales in the county since September 2010.

Miami-Dade County had less than 58 percent of its second quarter residential transactions involve all-cash buyers, according to the Miami Association of Realtors. Nearly 63 percent of transactions during the second quarter of 2013 were cash deals.

“It’s a sign the investment climate is getting better,” Israel Alfonso, a partner at Akerman’s Miami-based real estate practice, told the Daily Business Review. “It’s a positive sign.” [Daily Business Review]Eric Kalis


Related Articles

arrow_forward_ios
Palm Beach mansion sells for $25M
Palm Beach mansion sells for $25M
Palm Beach mansion sells for $25M
Palm Beach condo sale sets record at $18M, or $4,700 per foot
Palm Beach condo sale sets record at $18M, or $4,700 per foot
Palm Beach condo sale sets record at $18M, or $4,700 per foot
Real estate agent Gary Pohrer buys oceanfront Palm Beach home for $6M
Real estate agent Gary Pohrer buys oceanfront Palm Beach home for $6M
Real estate agent Gary Pohrer buys oceanfront Palm Beach home for $6M
Berkshire Hathaway EWM expands to Palm Beach
Berkshire Hathaway EWM expands to Palm Beach
Berkshire Hathaway EWM expands to Palm Beach
Private equity honcho sells Palm Beach home for $23M
Private equity honcho sells Palm Beach home for $23M
Private equity honcho sells Palm Beach home for $23M
Vad Yazvinski of Jordan Capital AM with the property (Jordan, LoopNet)
Allstate Investments reels in $12M for office-retail plaza in West Palm
Allstate Investments reels in $12M for office-retail plaza in West Palm
IRA Capital makes $16M medical office play in Boca Raton
IRA Capital makes $16M medical office play in Boca Raton
IRA Capital makes $16M medical office play in Boca Raton
2714 Sheltingham Drive with Fred and Lora Jean Drasner (Berkshire Hathaway)
Former New York Daily News co-owner buys Wellington mansion for $5M
Former New York Daily News co-owner buys Wellington mansion for $5M
arrow_forward_ios

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

Loading...