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Miami’s real estate sales are through the roof!

Miami’s real estate sales are through the roof!

Whoever tells you that the real estate market is like a roller coaster ride, is obviously not referring to Miami! The Miami Association of Realtor and the Multiple Listing Service (MLS) system, had announced the third quarter (Q3) 2018 sales report for Miami’s real-estate. It seems that nothing can stop their winning streak!

For the 27th consecutive quarter, Miami’s houses, condos and single family homes sales surged. Not even Hurricane Irma was able to slowdown the real estate sales growth in Miami.

Total Miami- Dade Country sales rose 15.2%! Not much right? But just by knowing that the total sales volume jumped from 2.5 to 3.1 billion, you understand the dimensions of this news. What can we see on a short view? A clear impact of Irma on the results. But if we look a little bit further, the market only shows how people are being more and more attracted to invest in Miami.

The condo sales for this last trimester, increased in 16.7% compared to last year. And why? Different reasons, but the low mortgage rates have definitely helped.

Having a more affordable way to buy a home, has definitely pushed sales. A good reason why mid-priced (150-400 K) condo sales have increased 27.8% from 2017 to 2018.

As well, the residential supply in Miami has shown an infinite list of available properties that investors can just not resist! Active listing have increased from last year in a 5.7%, and just for condos it rose 4.1%. More than a thousand more condos were offered this year compared to the same period on 2017.

Foreign investments continue to stand out on this report. Almost half of the investment in condos in Miami are done in cash, which is a characteristic of foreign buyers.

The sales pace in Miami has shown that from the past year, the supply has been not enough to cover the demand. A balance market offers 6 to 9 months of supply inventory, but some of the hottest condos in Miami had only offer 1.9 months of supply!

Sales just continue jumping, not much to think if you are planning to invest…

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Posted by on November 26, 2018 in News

 

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Foreign buyers in Florida

Foreign buyers in Florida

According to Miami Association of Realtors, the foreign investment in South Florida climbed up to $7.1 billion dollars in 2017. That is a significant increase of approximately 15% compared to 2016 where the number was only $6.2 billion dollars. Unsurprisingly, most of the foreign buyers are coming from South America. In fact, the political and economic crisis in the area are pushing the wealthy to park their money into a safer environment.

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Posted by on July 13, 2018 in News

 

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Condominium market in Florida

Condominium market in Florida

According to the MLS, the home sales year-over-year has fell in May for the Miami-Dade and Broward counties. This is probably due to the increase of median price in properties in these areas. Palm Beach, however, did make an exception with a slight plunge of price which means that their home sales actually increased. Surprisingly, the market which saw an increase of closed sales in April dipped this month.

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Posted by on June 22, 2018 in News

 

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The case of Western Venetian island

The case of Western Venetian island

There is a huge confusion whether the western Venetian island belongs to Miami or the Miami Beach. After all, the zip code seems to apply to Miami Beach but the city belongs to Miami. The western venetian island (which makes up San Marco and Biscayne Island) seems to leaning towards Miami Beach. In fact, the residents themselves are taking action in their own hands by holding petition and collecting signature door-to-door.

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Posted by on June 15, 2018 in News

 

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Inside Scoop: Downtown Miami Real Estate Market

Inside Scoop: Downtown Miami Real Estate Market

Downtown Miami has always been overshadowed by its more popular neighbors such as South Beach and Brickell. However, this neighborhood gem is actually one of the fastest growing city in Miami. What was once considered as a strict financial district is gaining huge population increase for families and young professionals. In fact, the population is at an all-time high with an estimated increase of 19% in the next 4 years. In response, the area could potentially have a higher demand for condo accommodation.

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Posted by on June 1, 2018 in News

 

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Fashion brands and condominiums: The perfect marriage

Fashion brands and condominiums: The perfect marriage

Millennials love fashion brand and the fashion brands are aware of this. This is probably why they are taking one step further by building condominiums associated to the brand. The trend can be widely seen especially in Miami where the Miami lifestyle is enviable to most people.

Condominiums associated with high fashion brands enjoy huge publicity and their clientele are established. In fact, they throw lavish party on the announcement of their project and even when they break ground. In this article, we will see a list of this high profile fashion brand condominiums that are taking Miami by storm:
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Posted by on May 11, 2018 in News

 

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Which area should you invest in Miami?

Which area should you invest in Miami?

The simple answer is: South Beach. South Beach is a popular destination that attracts local and international buyers. The white beaches and pristine waters are a favorite among those who has been here. The popular condos in this area are: The Apogee, The Continuum South, The Continuum North, The Murano Portofino, The Portofino Tower, The Murano Grande and The Icon South Beach.

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Posted by on April 27, 2018 in News

 

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