miami beach real estate


The Real Estate Buying Frenzy Isn’t Slowing Down in Miami

More people seek condominium properties in the Miami Beach area than in any other in the country, and these properties are moving at an alarming rate as was reported in The Real Deal. Currently, purchase prices are appreciating slower as more properties are being sold. This makes these properties extremely attractive to buyers and will ensure that this market remains popular for a while.   


What It All Means


Because of the current trend described above, investors consider Miami Beach real estate to be a great buy for the money, and this is true although the market has seen an increase in purchase prices over the past four years.   However, this isn’t stopping people from buying. Now that prices are   climbing at a slower rate, more people can take the opportunity to seek properties in Miami Beach like foreign investors have been doing lately.


The article in The Real Deal stated that condominium sales increased by 21 percent from August of 2012 to August of 2013. People were even more interested in single-family homes. Proof of this is in the fact that sales of these properties increased by 38 percent between August 31, 2012 and August 31, 2013. These numbers greatly impressed experts and prove that people continue to desire to purchase Miami real estate.           


Where Are the Investors From?


The Miami Beach real estate market has always attracted those who are in search of extreme opulence. The difference today is that these people are now coming from other parts of the world.


Several buyers were French, but there were many Canadian purchasers as well. Real estate experts believe that wealthy French investors like the American real estate market because they aren’t required to pay as much in taxes as they do in France. The welcoming winter weather is a large part of the reason that Canadians are in favor of purchasing here.


Condominium homes at the Apogee sold for an average $2,371 per square foot, and this price set a record for the area.   


Miami Beach, Sunny Isles Beach and Bal Harbour all have opulent properties that realtors are having difficulties keeping on their rosters. This makes hiring a knowledgeable realtor crucial if you are interested in purchasing one of these incredible properties.


Currently, more people are seeking to purchase the best properties in the Miami area. Before you can make this location your family’s home, you will need to locate your dream house. Miami realtors work with people from all over the world, and this gives them the experience that they need to find the perfect place for you. You may be in the market for a condominium home, or you may wish to purchase a single-family home. A Miami Beach realtor can find the right one for you, and you will be very happy with the price. 



Diversity Is the Name of the Game for Miami Real Estate

Miami Real Estate

Miami real estate is the place to look when you are seeking diversity, and this is especially true of the luxury market. What you end up with will only depend upon your needs. If you are considering Miami luxury real estate, you will, undoubtedly, be happy to know that this is upscale real estate that gives you at least two options.


The most exclusive choices can be found on islands that contain large luxury estates. If this interests you, you may look at the choices you have on Star Island, but Fisher Island real estate is just as impressive. These properties are protected extremely well as they are contained within gated communities that are operated by a security detail, and this offers residents a great deal of privacy.


You may wish to live in a condominium community, and you can find these buildings on the islands as well. However, the estates dominate the islands, and they attract a very special type of individual.


The feature that people are most enthusiastic about is the sense of privacy that these types of properties offer people, and that is why so many people are seeking new homes in the gated communities of the islands. Sailors who own their own boats will feel welcome on these islands because their new homes have slips where they can dock their watercrafts. They will be able to keep their yachts close by and have the pleasure of living on an estate that is as private as it can be.


Miami condos are exclusive, but the developers made it easy for residents to be able to reach the major shopping areas. Miami Beach condos are great examples of this because they are elegant and private, and residents find that it is extremely easy to travel anywhere they need to go in the city. Residents love that they leave their homes, arrive at their destinations and return home without any of the hassles they are used to experiencing in other cities. This feature is what makes living in a condominium building such a popular option.


People who only live in Florida part-time also love their condominium homes. These people aren’t going to be in the area for the entire year, so they don’t wish to pay to maintain a large estate. Since they chose to purchase a condominium unit, the management maintains these homes for them as if they were their own, and they are always ready for the owners to return.


Don’t think that the only place you have large living spaces is on an estate. The fact is that condominium units can be very large. Some homes contain thousands of square feet, and they even have balconies that allow residents the chance to enjoy being outside without having to leave their homes. 


People know that they will have several options when they are considering purchasing real estate in Florida. If they are working with a knowledgeable realtor, people are sure to find the home that perfectly meets their needs.


The Possible Recovery in the Miami Beach Housing Market

South Beach condos


Miami real estate began to take a dive in 2007, but the area has become so popular again that it appears to be recovering too quickly. Housing prices peaked in 2006, and current prices are currently higher for condominium homes and single-family dwellings than they were at the peak. What this means is that more Miami Beach condos and single-family homes are being added to the available inventory, and this fact offers an advantage to those who wish to buy property.


Miami-Dade County and the marketing literature are illuminating some important trends. First, 600 new South Beach condos that were built before the housing crash remain unsold for a third subsequent quarter. Even so, developers are continuing to build new condominium homes, and 17 new towers are being built at this time at prices as high as $3,000 per square foot in some cases.


Rental Properties

Those who study real estate conditions also need to consider rental properties. Investors who wish to rent their properties to others take rental prices into consideration before they determine whether or not a property’s purchase price is advantageous. More people are leasing properties in Biscayne Bay because they can obtain much lower prices than in Miami Beach, so the total number of rental properties in Miami Beach remains high.


Typically, fewer transactions are completed in the summertime in Miami Beach, but the above-described conditions may cause a climate where purchase prices for Miami condominium units and single-family houses are going to decrease because of the increased amount of inventory. Illustrating this point is the fact that those currently in the process of purchasing condominium units in Miami Beach are paying less on average than people paid for homes in the same area from January to April of this year.


During the first four months of 2013, the average purchase price for Miami condominium homes was equal to $336 per square foot, and this was a 20 percent increase over past purchase prices. In contrast, the average price was only $281 per square foot during the first four months of 2012. However, this was an 11 percent increase over the same period in 2011 when the average price per square foot was $236.


If buyers are currently seeking a condominium unit in Miami Beach, they will pay around $490 per square foot. In 2006 at the peak of the housing boom, these same buyers would have paid a price that is 12 percent lower at $437 per square foot. This increase in price caused more homeowners to place their condominium units for sale in Miami Beach. 


Those looking for condominium units have approximately 1,400 properties to consider as of May 20 of this year, and only 225 of these properties are expected to sell each month. This means that these properties should last for about six months if purchase prices remain at their current levels.   


The same can be said of the single-family home real estate market. In this case, real estate agents have about nine months of inventory to sell to interested buyers. Also, more people are leasing homes, and these prices are increasing as well.


The Bright Side

The bright side of this trend is that there is about four months of rental inventory at current 2013 prices. What will remain unknown at the moment is whether or not sellers and landlords will keep their prices at these high levels at a time when inventory is increasing. Furthermore, landlords must concern themselves with the fact that people can seek properties in Downtown Miami, and sellers must be aware that people can purchase Sunny Isles Beach condos for lower prices.



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