Believe it or not, the figures speak for themselves. The Investors Business Daily just ran an article commenting on the strength of the Miami condo market in comparison to other large cities in the United States. This is exactly what I had predicted would happen in previous posts prior to moving back to Miami: that the hardest hit markets would lead the recovery and that many other factors would especially favor Miami in this recovery.
“Of the top eight U.S. metro areas, Miami was the only one in 2010 to show volume gains in attached-home closings, mainly condos, according to data gathered by Hanley Wood Market Intelligence.
The other seven fell 5% to 37% as Miami rose 8%. New York dropped 13%, Los Angeles 20% and San Francisco 37%. Unit sales totaled 4,120 in Miami — above L.A.’s 3,935 — but that still pales vs. pre-crash years 2005-07, when 20,000 to 30,000 units sold each year.
The Miami metro figures cited by Hanley Wood include Miami-Dade, Broward and Palm Beach counties. Miami-Dade is almost 70% of the total, at 2,842 closings.”
Read the rest of the story here.