Based on RealyTrac statistics in metropolitan areas with at least 500,000 in population, Miami had the highest number of all cash sales in the at the end of 2014. That’s 58.1% followed by Sarasota-Bradenton-Venice, Florida (54.3%), Cape Coral-Fort Myers, Florida (53.9%), Tampa (49%) and Memphis, Tennessee (48.1%). Out of these top 5 areas, Memphis actually saw an increase in its all-cash sales share compared to 2013.
Global cash buyers have been investing intensely in the Miami real estate market. Many of these wealthy overseas individuals loves these properties due to it’s wonderful climate and vacation spots.
The other benefit is the strong dollar which enhances their investment against declining valuation of their local currency (You can check out our previous blog post in regards of how it’s affecting global investors here).
Other markets with increasing cash buyer sales compared to a year ago includes Oklahoma City, Cincinnati, New York, North Carolina, Greensboro, Buffalo, and Philadelphia.