The South Florida Hotspot is Still the Place to Be!

In spite of what seems to be the common opinion of real estate market slowdowns, Miami is still a popular destination for both visitors and those seeking permanence in the South Florida area. Beautiful beaches, beautiful people, great food, and gorgeous weather are just a few of the amenities Miami has to offer anyone looking to move. What more could you ask for?

Our opinions on the South Florida beach haven seem to be becoming more and more popular opinion as well with an increasing downtown population. With home buyers in the area showing an increase in household income and therefore buying power, Miami seems staked to remain a popular locale. So why is it exactly that Miami is holding so much clout as the place to buy?

High Demand, Lower Prices

Miami currently boasts a household income average of around $110,000, nearly double the national average. This high right of income can be seen by those interested in the real estate market as having the ability to spend more money whether it be an improvement in living conditions or a change in living style. For instance, many homeowners conveniently located already in the area are looking for more upscale abodes like luxury condos in Miami. For some, this can be seen as an upgrade. Going from a house on the outskirts of the downtown area to a luxury abode in the Brickell area hardly seems like anything less than at least a move in a lateral direction, but that really depends on your own preference.

Along with this uptick in income, the Miami area also vaunts some of the best prices around for condominiums. With a budget of around a million dollars you certainly won’t be renting your living space, but instead purchasing one of the available elegant luxury condos in Miami for an obscene value in comparison to that of similar areas. $1 million can get you around 800 square feet of living space in beautiful downtown Miami, as opposed to New York or Los Angeles where we have seen the same value for a unit ranging in size from 6 to 27 square feet.

Though New York and LA definitely do have their benefits, it could be said that the lifestyle that can be had residing in the Miami area has even more, benefits than that of one of these other metropolitan areas. As the cultural hub of the south, there is no shortage of restaurants and shopping available to residents of the area and that’s not to mention the beautiful weather and scenery, as well as the successful Miami Heat NBA franchise being blocks away from several luxury condos in Miami.

Demand throughout the country for real estate is on hold but still remains at a high level, and the Miami area is no exception. There are several buyers out there just waiting for the proper time to jump into the market when the see the prices reach a level they’ve been holding out for. Many potential home buyers have their sights set on a Miami property; it’s all just matters of dollars, cents, and timing.

High Interest, Low Inventory

There are still a variety of Miami properties available overall, but nowhere near the amount prior to the real estate crash in 2008. There are many condominiums planned and in pre-construction phases in the downtown area and offer a varying amount of prices, and locales. Construction prices have begun to go down, and this is influencing the prices of new projects and therefore offering more availability and options for buyers looking to purchase.

The majority of luxury condos in Miami are paid in full with little to no financing, showing a strong recovery and lessons learned from the financial crisis where banks only required a little over half of the payment to move in.

Another major reason for the high level of interest in real estate in the Miami area is the draw from international buyers. The majority of Miami buyers come from Latin America, Canada, and Europe. The cultural blend of the city probably plays a part in this, but with experts predicting a drop to the currently strong American dollar, this will only refuel the demand from international interests in the Miami area.

Sellers are also beginning to slightly decrease their prices and as a byproduct, we are beginning to see more and more closed sales on properties. With selling parties becoming more flexible, South Florida has become a buyer’s market once again, and with the real estate inventory available, any buyer should have a range of choice available to them when it comes to any property, even luxury condos in Miami.

There is Never a Bad Time to Buy

Traditionally, the peak season for real estate sales in Miami have been the winter months, but over the last few years, we’ve begun to see buyers coming in all year round. The question is what are you waiting for? Miami is a city where you can find anything that you need and remains an appealing destination for fun, work, and a good family life. Whatever your needs might be, or your type of lifestyle, you can find it here in Miami, a cultural hub with people from all walks of life.

If you’re looking into luxury condos in Miami, consider enlisting the help of Steven Vargas a professional and honest reality professional in the Miami area. To get started in your quest to find that abode of your dreams, contact Steven today!