Miami Luxury Condos Are Believed To Be The Top Contributor For Real Estate Property Sales For 2011
Because of the tremendous price drop that has somewhat plagued the real estate market for quite some time now due to numerous foreclosures and short sales, a lot of foreign buyers and investors have taken a huge interest in the Florida market because of the fact that they can get better residential properties compared to the other locations in the United States.
Of all the residential properties in Miami, the Miami luxury condo market is the one that has benefited the most this 2011 as its condo sales have risen up to 58 percent compared to September of last year’s statistics. Now that more than half of residential real estate properties in Miami have been purchased, it is believed that it will set a new record for residential property sales that has not been seen since 2005.
If the Miami real estate market reaches 29,000 successful transactions this year, it would mean that the record has been set and the market for Miami luxury condos will take most of its credit since it is currently the most successful residential real estate property in all of the Magic City. If more residential properties are bought by the end of the year, it would only be a matter of time before we see new developments to take place in Miami.
One of the reasons why the Miami real estate market is so successful lately is because of the fact that most of the foreign investors and buyers opt to pay for their residential properties in cash as opposed to getting a lender to get assistance from multi-million dollar investments. Out of all the condo sales that have taken place this year, 76 percent of these purchases have been paid for in cash which eliminates the need for mortgage financing.
It is believed that before the year ends, the prices for some of the real estate properties will rise up. That is why if there are still potential buyers and investors looking for great Miami luxury condos or other residential properties around, whether domestic or international, now is the right time to make a good investment to save more money in the long run.
Joan Vonnegut
Miami Luxury Condos
