How is the Miami real estate market ?
Despite all of the catchy headlines about the meltdown of the real estate market in Miami, the luxury condo market has held up quite well during turbulent 2009 and 2010 and is showing clear signs of recovery in 2011 to date. No fewer than 273 units asking $500,000 or more re-sold in the first four months of 2011 alone in Miami Beach, Bal Harbour and Sunny Isles.
If the current pace of sale continues, 2011 will be the best year in terms of number of units sold since 2006. There is still plenty of inventory on the market, and good deals will certainly continue to be available in 2011, but luxury condo prices have probably corrected about as much as they will, and in many buildings, have come off their 2009 lows.
The figure above does not include condos purchased directly from the developers as they are not reported in the Multiple Listing System. This will continue to hold especially true for South of Fifth – the exclusive neighborhood located at the tip of South Beach, which has received a lot of buyer interest in 2009 and 2010, and which, if the current pace of sale continues for the rest of the year, will set set a record for sales volume in 2011.
The reason for that is that supply is relatively constrained – there are 7 high rise luxury condominium buildings – Apogee, the 2 Continuum Towers, Murano at Portofino, Portofino Towers, Murano Grande and Icon South Beach. Because of zoning restrictions, no buildings taller than 75 feet will be built in the area. That means that what is currently built represents the majority of the supply for the future.
Demand, on the other hand, is likely to remain strong – both from US and international buyers. The buyers who purchased apartments in these buildings over the past couple of years are mostly end users who are buying a second (or third or fourth) home, who plan on holding on to and enjoying their apartment for a few years, and who pay cash.
The story is different for single family homes – the sale activity there has been significantly slower, and the inventory is substantial. We expect there will continue to be great opportunities to own a luxury waterfront home for a relative bargain price in 2011 and 2012.
Tue, 11 Mar 2014 22:26 EDTA student athlete at Miramar High was arrested after police found a rifle by the back seat of a truck he borrowed from his stepdad and driven to school.
Tue, 11 Mar 2014 22:21 EDTTolls on I-595’s new, reversible express lanes — set to open by month’s end — will range from as low as 50 cents to as high as $2, depending on congestion
Tue, 11 Mar 2014 20:18 EDTRepublican David Jolly defeated Democrat Alex Sink on Tuesday in a Tampa-area House district where President Barack Obama's health care overhaul got its first test ahead of November's midterm elections and both sides spent millions auditioning national strategies.
Tue, 11 Mar 2014 20:00 EDTLabor representatives meeting with Miami-Dade administrators to explore ways to reduce healthcare costs asked for more price transparency.
Tue, 11 Mar 2014 19:54 EDTDays after the US government asked a court to grant the United Nations immunity in a cholera lawsuit, a group of high powered attorneys filed a class-action lawsuit on behalf of 1,500 Haitian cholera victims in a New York federal court.
Tue, 11 Mar 2014 19:34 EDTAfternoon rush hour traffic was rerouted for several hours in Miami Gardens Tuesday after a man who police were attempting to arrest barricaded himself in the attic of a home.
Tue, 11 Mar 2014 19:32 EDTAt least three people have been arrested in southwest Miami-Dade County as part of a federal investigation into possible Miami links to a transnational drug-trafficking organization.
Tue, 11 Mar 2014 17:57 EDTZach Galifianakis brought the ferns, and President Barack Obama opened a new avenue of presidential communication.
Tue, 11 Mar 2014 16:33 EDTU.S. Sen. Marco Rubio is reporting for jury duty in Miami.
Tue, 11 Mar 2014 15:47 EDTThe number of Syrian children affected by the civil war in their homeland has doubled in the past year to at least 5.5 million — more than half the country's children — with devastating effects on the health, education and psychological well-being of an entire generation, the United Nations children's agency said Tuesday.