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Miami, the success story – Part 3 –

22 Feb

2Last week I concluded the article talking about the enthusiasm which has been growing around Miami these past decades. All that interest toward the city allowed developers to get more and more confident about investing in Miami. From 2000 to 2005 many projects were launched. For several years the market was doing great and prices were going through the roof. But we all know the story of the 2006’s crisis and how it affected the real estate market. Clearly Miami has not been spared. Between 2006 and 2010 two third of the sales were distressed one.

But it didn’t stay that way for too long. The market has in some areas regained higher prices than at the peak of the boom. Dozens of new projects as the Mansion at Acqualina, the Icon Bay, the Beachwalk have been launched in 2012 and 2013. The market’s prices are going up but the major difference between this surge and the 2006’s bubble is that buyers are buying cash. Concretely, about 75% of all deals in 2012 were cash buyers.

To conclude this article, I can say that in the last 20 years if there is one thing that has been well done in Miami it is its urbanization. The city has to keep up the good work and think about better way to serve its residents. Indeed, in my point of view there is still one thing that needs to be improved: public transportation.

And of course if there is one thing that you have to remember about Miami is that with so many neighborhoods, differences, cultures and events this is the city in which you will find everything you need and in which you will feel alive!

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Posted by on February 22, 2013 in News

 

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