The Miami Real Estate Market – Miami Resale Condos are taking a hit
The Condo market is becoming one of more and more supply, yet the Single Family homes market is becoming one of increasing demand
Miami's Real Estate market is going strong. The speed of the market recovery has surprised everyone. Condo prices are already back near peak levels in Miami’s most desirable areas, and at 75-80% elsewhere. The recovery has been partly driven by low interest rates and bottom-fishing by private equity, which helped to clear excess inventory. But the biggest factor is that the city nicknamed the “Capital of Latin America” has attracted a flood of capital from Latin America. Rich people in turbulent spots such as Venezuela and Argentina are seeking a safe haven for their savings.
Besides Latin American investors, New Yorkers are also known to buy up a fair share of Miami's Real Estate. Individuals pay no state or city income tax in Miami (Compared to the rising NY taxes) and more Miami Real Estate is about 4 times more affordable than in the big Apple.
⇒Why New Yorkers are buying massively in Miami(and we are talking established investors so take notes!)
Besides the great come back of the market we do need to make some side notes. Yes the market is on fire and lots of investors are looking at Miami as the newest investment hotspot, BUT the success is not equally distributed amongst all kind of sub-markets
David Siddons
305 508 0899
Siddons.d@ewm.com
www.luxlifemiamiblog.com
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