In January, I posted information regarding the upcoming government watchdog FinCEN’s new scrutiny on purchases over $1M which began March 1st. Many were concerned and called it a “killer” for Miami. As of February, Miami was the fourth highest City for cash sales noted in the United States.
Of all Miami-Dade’s home sales in February, 52.5 percent were made without financing, according to a newly released report from real estate research firm CoreLogic.
Side note: In the article listed above, CoreLogic focuses on the entire County (both Miami condos and homes) having 2,163 total sales with 1,122 of those being cash (52%).
As of the March 1st implementation, the U.S. Treasury Department Financial Crimes Enforcement Network (FinCEN) began watching for potential shady Miami investors buying properties priced over 1 million.
Question: What has happened since FinCEN began watching?
- JUN – 67 cash/90 total sales = 74.4%
- JUL – 53 cash/73 total sales = 72.6%
- AUG – 39 cash/57 total sales = 68.4%
- SEPT – 45 cash/53 total sales = 84.9%
- OCT – 42 cash/57 total sales = 73.6%
- NOV – 31 cash/45 total sales = 68.8%
- DEC – 45 cash/61 total sales = 73.7%
- JAN – 49 cash/57 total sales = 85.9%
- FEB – 49 cash/59 total sales = 83%
- MAR – 52 cash/68 total sales = 76.4%
- APR – 52 cash/75 total sales = 69.3%
- MAY (1st to 23rd) – 22 cash/27 total sales = 81.4%
Answer: Not much.
The areas above include Miami Beach, Fisher Island, Bay Harbour Islands, Bal Harbour, Surfside and Sunny Isles Beach. “Why just these six locations?” These six preferred destinations are where a typical Miami investor will come and spend million’s on their second, third, or fourth home. With these high percentages staying fairly consistent month after month, it doesn’t appear that watchful FinCEN eyes are deterring luxury property buyers in Miami.
(figures were derived from the South Florida MLXChange)
- Subscribe to the monthly newsletter for valuable updates on Miami’s best neighborhoods
- Like Coleman Properties Group on FB
- Follow AshtonColeman on Instagram for real-estate photo updates
- Follow AshtonColeman’s Twitter for the latest in South Florida News
- SnapChat Ashton.Coleman for behind the scenes real estate adventures
Whether you’re searching for Southeast Florida corporate relocation, off-market properties, new construction, waterfront estates, condo resales, land for development, market trends or just plain good deals, let me know and I’ll have it ready & customized for you. I’m a broker-associate and a top producer with the leading firm – ONE Sotheby’s International Realty. Why Sotheby’s? Because of the brand heritage, global reach and their propensity for perfection.
The Miami Beach Real Estate Blog is a comprehensive resource for Sunny Isles & Miami Beach real estate information. Contact me for the best opportunities along Miami Beach, Sunny Isles Beach, Aventura, Bal Harbour, Surfside, North Bay Village and South Beach. I also cover premier areas of Fort Lauderdale, Key Biscayne, Coconut Grove, Coral Gables and Bay Harbour Islands.
Southeast Florida Real Estate | Websites & Blogs
- Coleman.Properties (Fort Lauderdale Specific)
- Jade Beach, Jade Ocean & Jade Signature Condos
- Turnberry Ocean Colony Condos
List Your Property to Sell:
ONE Sotheby’s International Realty & Ashton Coleman | Global Marketing. Local Prestige.
- Marketing by Ashton Coleman
- Marketing Your Luxury Property
- Marketing Presentation – 2016
- ONE Sotheby’s International Realty Marketing & Affiliates
- CPG YouTube Channel
- Client Reviews
- Sold Miami Properties
- Sotheby’s International Realty History/Overview
- Sotheby’s – An Overview and the Auction House
- ONE Sotheby’s International Realty History/Overview
- New Miami Listings
Who You Are:
You are a client – not a customer:
- Clients are under the protection of another
- Customers purchase a commodity or service
Knowledge is protection. As a client, you can expect fully accurate information that you will understand, implement, and use to build your net worth.