Pavilion from the Ocean

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Bloomberg: Miami Beach Condo Surge

In the condominium market, the median price of a unit sold in May jumped 20 percent from a year earlier to $180,000, according to the Miami Association of Realtors. Condos formed the bulk of the city’s unsold inventory after about 14,000 high-rise units were constructed near downtown as prices began falling, Pappas said.

Buyers from South America are viewing south Florida real estate as a safe investment, driving demand even after two years of increases, said Steven Hagenbuckle, co-managing principal at TerraCap Partners LP, a real-estate investment firm.

The supply of available homes in Miami has been cut to less than three months from 15, boosting prices and giving banks reason to bring their backlog of foreclosures to market, Pappas said. “There’s a real supply crunch,” Hagenbuckle, founder of Bonita Springs, Florida-based TerraCap, said in a phone interview. “We’re inundated by buyers from Brazil, Argentina and Venezuela. The market is rising and Miami is built out.”

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