Here are some quick news about Miami Real Estate
- Renting Prices has soared up
Miami is a growing city with many urban development. Renting price has been soaring up and according to the National Low Income Housing Coalition’s annual report, a minimum wage worker needs to work at least 94.5 hours per week to pay their monthly one bedroom rent.
The affordable housing inventory has been depleted and out of 100 units available, only 26 are rent-friendly for the low wages.
- The biggest foreign buyer is Colombian
The majority of foreign buyers for the Miami real estate this year is the Colombians, making up a figure of 12.6%. The Venezuelan comes second at 9.5% and the Canadians are at 7%. Last year, the total foreign investment was $7.1 billion, an increase of 15% from the year 2016.
- Sales has been increasing
According to the Miami Association of Realtors, the real estate market is currently healthy. Earlier in the year, there was a surge of condo sales for luxury homes valued above $1 million (see The Continuum North condo and The Murano Grande condo). The sales in Miami-Dade was up to 5.1% compared to January 2018 to January 2017.
Furthermore, the condos are selling much more quickly. The days on market is around 123 days and with the new tax reform, more people are purchasing homes in Florida which has no state income tax.