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.Read the rest of this entry »
Tag Archives: real estate market
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.Read the rest of this entry »
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.Read the rest of this entry »
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.Read the rest of this entry »
It seems strange and unreal that real estate hasn’t shown a dramatic slow down in sales due to the Coronavirus crisis, but that is exactly the case for Miami-Dade County. Real estate hasn’t suffered as much as most of us thought it will. Pending contracts keep converting into closed sales and sales keep increasing month to month. With 465 closed sales of single-family homes in the first half of March and 557 closed condos, there was a 4.5% and 14.1% increase respectively compared to the first 2 weeks of February.
Anyone would agree that trying to find a Miamian in Miami is getting harder every day. You may think it is only you, but actually, more foreigners and local refugees are flying down to Miami and are forcing locals to find new cities to establish.
About 58,000 Floridians are moving out of their hometowns to other states, while 94 outsiders are coming to Florida daily. This loss of Locals is mainly due to a non-stop increase in real estate prices and to tax law reforms.
Wynwood has been transforming from a tourist attraction to an actual innovative living area. With amazing business ideas, this neighborhood is now home of preconstruction of co-living apartment buildings with world-class shared amenities and service which has been extremely appealing to more than one public.
One of the main developments taking place in Wynwood right now is the $46 million /1.6-acre terrain purchase at 2431 NW Second Avenue in Miami. Developed by Property Markets Group (PMG) in partnership with Greybrook, this project will be an 8-story mixed-use development with retail spaces, hotel rooms, rooftop bar, restaurant, and over 220 rental apartments from which 30% will be co-living spaces where tenants will have the possibility of renting by room and have some world-class shared common areas. This project promises to be similar to X Miami, the 32-story Hotel & Residences in Downtown.
The New Federal Tax Law signed at the end of 2017 by president Trump has clearly created a new trend of Tax Refugees trying to escape the high taxes of northern cities, to the shiny and tax privileged Miami. The most affected ones are the wealthy property investors after the law reinforced a deduction for state and local property taxes at $10,000. However, this doesn’t mean that these buyers are in a rush for changing residency and moving out to Florida.
This story has been all over the news, with shocking headlines it might have been misinterpreted as a drastic and radical movement that was happening from one day to the other. Nevertheless, this is not precisely the reality.
Foreign buyers in the U.S. have dropped by half in 2019 compared to the previous two years. Only in 2019 compared to 2018 there was a decrease of -36% in residential real estate, foreigners only spent $78 billion in 2019 compared to $121 billion in 2018.
Fewer foreigners buying residential homes in the US has pushed a decrease in listing prices. With lots of inventory and no buyers to fill them up, the market has switched from a seller to a buyer’s market. It is shocking the magnitudes of the drop as we have reached the lowest level of foreign residential investment since 2013.
It’s not the first time we mention how climate weather is affecting Miami’s landscape. In our article “Miami’s great initiatives to combat climate change” we explained how Miami’s local government is developing new ways to reduce the long-term risk of flooding and stabilize the region’s economy. This time I wanted to explore a little deeper one innovative development that is reducing the flooding risk and is creating a cool trend at the same time!