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Demand for South Florida property shrinks inventory and drives up prices

Star IslandFrom rich to low-income,waterfront properties are bringing up sales prices in South Florida as inventory declines.

Having distressed propertiesin particular, the rise in Miami-area sales prices accords with a severe decline in inventory, which dropped 24.7% since the same period a year ago. South Florida’s 37.8% share of the U.S. distressed property market is at its lowest in three years.

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