MIAMI, FL -- South Florida’s residential resale inventory has decreased in quantity by 58% since the Thanksgiving holiday week – the symbolic start of the busy winter tourism season - of 2008, according to a new report from CondoVultures.com.
Nearly 108,000 residential properties were on the resale market in the tricounty South Florida region on Nov. 24, 2008 as financial uncertainty reached an all-time high following the abrupt failure of the investment banking behemoth Lehman Brothers that subsequently triggered a near meltdown of the U.S. economy.
Some three years later, the number of condos, townhouses, and single-family houses on the resale market in Miami-Dade, Broward, and Palm Beach counties has shrunk to fewer than 45,000 residences as of Nov. 21, 2011, according to analysis by the licensed Florida brokerage CVR Realty™.
Even though the U.S. economy continues to wobble along with modest GDP growth, a recent downgrade by the credit ratings agency Standard & Poor's, and a high unemployment rate by modern standards, the number of residential properties under contract in South Florida has spiked to nearly 22,000 - a large chunk of which are all-cash deals - as of Nov. 21, 2011, according to the analysis based on Florida Realtors association data.
For a complete copy of the company’s news release, please contact: Condo Vultures® LLC at 800-750-0517.or email at www.condovultures.com
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