Categorized | Residential

Wealthy Buyers Bring Growth to Miami Real Estate Market

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With local and foreign wealthy homebuyers targeting Miami, the city’s real estate market is finally looking up. Both the number of sales and the sale prices saw increases in the past year. While the city still hasn’t reached pre-crash levels, this growth is certainly a good sign.

Investors from overseas have played a large role in the increases, as they diverting their money into property in the city. Executives from nations such as Brazil and Russia see these properties as strong investments, and with depressed prices, it is currently an optimal time to buy. With that said, the construction market is also doing quite well.

The situation in Miami is vastly different from its state in 2008. In that year, there was substantially more supply than demand. Things have certainly changed now, as demand is starting to outweigh supply. The reasoning is that there are far less houses on the market for sale.

Other cities, such as Las Vegas and Phoenix have not been able to share the same success that Miami has had. While Miami definitely has reached its previous levels, it has brought a sense of hope to other cities in turmoil. Investors and realtors in other cities such as Las Vegas and Phoenix are looking to see what they can do to duplicate the city’s success.

Some lenders and analysts are attributing the success of Miami to foreclosures, as they have given rise to home sales in some of the hardest hit areas. Regardless of the actual cause, the real estate market in the city is way ahead of schedule in its return to prominence.

 

 

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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