Currently, the number of cash buyers in the residential real estate market has increased. Indeed, fewer people are willing to buy a property due to high-interest mortgage rates. The rise of mortgage rates has slowed down the market and decreased the competition. It has been more than twenty years since the interest rate was too high. This new trend has impacted the real estate market.
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On November 8th, Miami Beach’s residents rejected the measure that would have given the ability to transform the Deauville site into a larger project. Unfortunately this vote didn’t prevent the developer from tearing down the building. On November 11th, the last occupants left the building.
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The current state of America’s housing market raises many questions. The population and investors are concerned about the real estate market. In recent months, the housing market in the US has evolved. At the beginning of the year, conditions were more favorable for buyers then now. Recently, the situation has changed. After analysis, we deducted 3 main points about the housing market in the US.
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Miami has stood out among leading cities such as New York, Boston and Houston. Indeed, our city is ranked as one of the best places in the US to do worldwide business.
The metrics used to define this ranking are based on social, economic and environmental tendencies. The Financial Times and Nikkei have considered the quality of life, the open-mindedness of the population, the level of the workforce, the business environment, the investment trends, the foreign business needs and the quality of after-care treatment.
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This year definitely is one to remember. Nationwide, Miami had the fastest growth in rent over the past 2 years, reaching its highest level ever in February 2022 with +55%. Our wonderful city is now the least affordable among the 50 biggest cities in the United States! The most surprising is that even though rent continues to skyrocket, newcomers still arrive every day.
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When it comes to buying a property, we all have various motives, but one we would all agree on would be: to avoid losing money by any means!
Eventually, you can reduce the risks of buying the wrong property, following the advice of your realtor, or real estate professionals in the designated area.
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With non-stop population growth, Florida is the seventh-fastest growing state in the U.S., with a growth percentage of 1.12%. Florida’s population grew from 21,254,926 to 21,733,312. It is the third-largest state by population in the United States of America.
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Only a few minutes from the beach, enjoy culture & entertainment in Downtown Miami. This wonderful area sprawls over the mainland as well as Dodge Island and Virginia Key. The Port of Miami is the largest passenger port in the world, and one of the largest cargo ports in the United States!
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The current state of America’s housing market raises a lot of questions. Professionals and users seem concerned about the Real Estate market. Housing prices are rising faster, higher than ever. Today’s situation is the result of many factors combined, but the pandemic definitely triggered the whole industry. In fact, the Covid-19 situation lasted long enough to create lifestyle changes. For example, the impact of societal behavior pushed more millennials toward homeownership and families to get a bit further from big cities.
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The condo market in Miami has suffered a remarkable drop in the volume of sales in June compared to the year before. Additionally, after 2 consecutive years of rising prices, this year showed the first sale price decrease of -1.4%, leaving a median price of $252,000 in June 2020.
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Miami Real Estate Blog 