Last week, the director of The White House Office of Management and Budget proposed new amendments on the National Flood Insurance Program. The program which accumulated $25 billion of debt, has been in place since 1968. It was created to protect homeowners who are living in flood-prone zones near coastal areas and rivers.
The answer is: no. Miami Real Estate is buzzing with activity. One might think that Hurricane Irma slowed down the market but this is simply a false statement as sales and rentals are picking up yet again. The reason being on this fast market recovery is probably due to South Florida Building Code that was imposed in 2002 a few years after hurricane Andrew to withstand hurricane disaster. The damages were kept at minimum, only trees and electricity was down for a few days.
In the past few weeks, Mother Nature has tested the American soil with a number of hurricanes. Fortunately, men has shown resilience and surprisingly, so does the real estate market. In fact, the Attom Data Solutions revealed that the parts of the U.S. that has high risk of natural disasters are the places where property values are the highest and increasing most quickly. This is quite unexpected as most people would think otherwise. According to the study, very high-risk areas had a surge of 55% increase of home values. That’s 19,674,094 homes.
Last weekend, Hurricane Irma greeted Florida with huge wind and heavy rain. Miami Beach was no exception and the city braced the incoming storm with bravery. The city fared incredibly well. There was careful planning and the lack of damages is indisputable. Electricity power were on all the time and just four days after the storm, all businesses are back on their feet.
The U.S. Treasury Department is extending its all-out attack to stop money laundering. Federal regulators are eyeing high-priced housing markets such as Miami and New York in their operation. Their goal is to limit activities that misuse shell companies as a mean to launder money.
In 2008, the housing crisis in the United States left many people in a state of panic. The housing market collapsed and prices dropped. It took 5 years for the market to recover (for example, a unit in Murano Grande was sold for only $1.85 million in 2012 whereas last year it was sold for $2.55 million, a 37% increase). Now, United States’ neighboring country might face the same situation.
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It’s the third quarter of 2017 and Miami real estate continues to attract buyers from all over the world despite the slowdown last year. A strong dollar and weak foreign economies were the biggest factors for 2016’s sales decrease ( down 25% in the first six months). However, this year seems to be a new chapter. Investors and homeowners are slowly gaining confidence. Let’s take a look at some key-points to better the understand the evolution of the Miami real estate industry. Read the rest of this entry »
