Two months after Miami’s often-secret luxury housing market was hit with new federal scrutiny, the pace of high-end home sales has decelerated.
The real estate community attributes the lull to fallen currencies, a volatile stock market and a slowdown in China, but no one points to the geographic targeting order that kicked in March 1. Homes priced above $1 million are sitting on the market longer, driving inventory up — a trend Mark Meland with Meland Russin Budwick in Miami said began before the U.S. Treasury Department cracked down on anonymous cash housing buys.
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