Miami Real Estate Market Is Among The Top 10 Housing Markets Favored By Foreign Investors Today
According to the home price index of Case-Shiller/S&P, the real estate market of Miami has truly bounced back from its financial losses, but that does not mean that the city is out of trouble just yet. While there are ups and downs in the market this year, the residential property market has sold more than 65 percent of its inventory ever since foreign buyers and investors have taken interest in the market.
As of 2011, Miami and some parts of the Sunshine State are among Trulia’s top 10 lists of foreign buyers’ real estate options. Out of the 10 top residential markets in the United States, 6 out of 10 markets are in Florida, 2 are located in California, and Nevada and New York are the remaining markets available on the said list. Aside from the fact that the Sunshine State is filled with affordable residential properties, several parts of Florida are known to be so breath-taking which makes the decision even easier for foreign investors to decide upon as far as these options within the United States are concerned.
Without a doubt, 2011 is the strongest year for the Miami real estate market after several years of hardship due to the oversupply of residential and commercial properties, not to mention the ongoing global recession taking place. Today, the real estate market is much more stable and growing. If you compare the overall residential properties made in Miami, you would immediately see that almost all the statistics compared from last year have shown promising results as there are quarters where the statistics are noticeably higher by 5 to 10 percent as the year progresses.
In October 30, 2011 alone, there are over 4,000 home properties available for sale today compared to last year’s results where there were more than 5,000 residential properties for sale. Because of the foreign buyers and investors, the Miami real estate market is steadily bouncing back and it will only be a matter of time before every property in Miami is purchased by either local investors or international buyers. If more foreign buyers take interest in the local real estate market, chances are all of the available properties available today would soon be purchased in less than 3 years.
Joan Vonnegut
Miami Real Estate
