The Miami Real Estate Market Stabilizes By The Day Due To Outstanding Residential Property Sales
Even if things are going pretty well in terms of real estate sales, the Miami real estate market is still far from 2005’s market peak which literally made the city one of the most glamorous residential property locations in the United States. Because of the lack of inventory, oversupply on foreclosed properties, and looming financial uncertainties, the residential property market in Miami will need more than just sales to bring back the glory days of the city.
According to the Residential Real Estate Outlook Luncheon, 2011 is definitely a good year for Miami as monthly closings and sales statistics have been relatively higher than that of the previous year and even the year before that. It may not be as significant as every real estate developer would hope, but at least the market is finally showing signs of stability which Miami really needs right this very moment.
Even the reports done by the Miami Association of Realtors came back with positive results as they have recorded a whopping 53 percent increase in condo sales and a steady increase of 49 percent for home property sales which is really something to be proud of especially in times of recession and great economic hurdles. Thankfully, some buyers and investors all over the globe have chosen Miami as their top pick for real estate properties due to their competitive prices and quality.
A lot of real estate experts are not surprised that in Florida alone; the number of residential property sales initiated by foreign investors is up to 31 percent which is not really surprising because the Miami real estate market alone has managed to sell 60 percent of its properties to foreign nationals. In fact, most international buyers prioritize Florida as their top real estate market pick within the United States simply because it has all the affordable and beautiful properties available today.
Because of the countless Miami luxury home purchases that have been made this year, it will only be a matter of time before developers start to consider expansion on the market to give way for new and exclusive Miami luxury homes and condo units in the city. If Miami starts to consider the option to build more luxurious home properties and condo units, people can expect more overall activity on the local market.
Joan Vonnegut
Miami Real Estate
