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The State of Miami Real Estate

Miami real estate specialist, Alex Shay, was recently interviewed by journalist Glenn Roberts Jr. of Inman News. The following is an excerpt of his article.

Alex Shay, broker associate for Beachfront Realty in Miami Beach, Fla., said that despite increasing prices for Florida real estate property is inexpensive to foreign buyers. The Florida Association of Realtors reported that median sales price in Florida increased 17 percent in March to $248,200, and have more than doubled since March 2001, when the statewide median sales price was $121,600.

"When (Europeans) come here everything is quite inexpensive," Shay said. The Miami area is truly international, he said. "It's got a very international flavor. People come here and they don't feel out of place." The beaches and weather are definitely a draw, too, he said.

The increasingly international character of the area owes a lot to a growing trend in international travel, he said. Foreign buyers of Florida real estate typically have a pretty good grasp of the English language, Shay said. "When you get into the luxury market like I'm in, there is not much explaining you have to do. You are dealing with people who are wealthy, who have been out there in the marketplace for a long time. This is not their first property."

Among his recent clients: "I've had a gastroenterologist from Spain, a dental surgeon from Taiwan. I've had a Russian client, I've had Latin clients, Israeli clients," he said. "I can get a call from almost anyone in any country and it doesn't surprise me."

While prices continue to escalate in Florida, sales have been sliding. In March, sales were down 22 percent compared to March 2005, the Florida Association of Realtors reported. Foreign buyers, just like domestic buyers, are concerned about the sustainability of price increases in Florida, he said. "Foreign buyers are just like everybody else - everybody is talking about a real estate bubble." This article can be read in full at http://www.alexshay.com/ .


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