70 Percent Of The Miami Luxury Condo Sales Have Been Purchased By Foreign Investors & Buyers
If you look at Miami’s real estate progress since 2003 from the get-go, you would say that Miami has had its rough times dealing with the oversupply of home and condo properties over the years, but just by looking at the statistics this last few years, it is safe to say that the Miami real estate market is expecting a more stable economy in the future.
Different buyers all over the globe, especially the Latin American market have considered migrating to the United States because it is apparently cheaper to live in the U.S than in Brazil. While there are other investors in the European countries, most of the Brazilians have already taken a lot of home and condo properties being offered by the market –on top of that, Brazil buyers and investors pay in cash –well, most of them.
Even if the most expensive real estate property that has been sold in Star Island this year has come from a Russian Billionaire, the fact that it is only less than 5 percent of the continuous Miami luxury condos sales being taken by the Brazilians –either way, business is looking good in the Magic City, as always.
Now that the inventory for condos in the Miami real estate market is running low, expect new developments to take place soon –especially in the Miami-Dade County, as this side of the city is still open to new developments with plenty of room for improvements. If new Miami luxury condos are to be developed in the Miami-Dade County, chances are more investors would want to put their landmark on that side of the city as well.
It will not be a surprise if the remaining inventory of Miami luxury condos will be out before the year ends as this year has broken a lot of records compared to the previous years in real estate developments. 2011 is truly a great year for home and condo sales for Miami. If this continue at a steady pace (which will most likely will), expect new real estate developments and announcements in the near future to give way for new residential and commercial properties for the next wave of investors and buyers all over the world.
Joan Vonnegut
Miami Luxury Condos
