Even during the worst economic times Miami real estate
was still popular and in demand more so than any other city in US. Buyers from South America, Canada, Europe, Russia have been buying Miami’s residential real estate then and of course now since the real estate in Miami has rebounded. However, now we have been seeing New Yorkers again looking and buying ocean front condos in the Miami areas. “New York buyers have always been very active, however there was not enough confidence during the last several years. However, they are gaining the confidence back as their perception of Miami’s real estate markets is changing due to rapidly shrinking inventory and therefore the increase in prices” said Lana Bell, owner and founder of Sunny Realty.
The interest had started halfway through 2011 as most New York investors were waiting for the bottom of the market. However, in 2012 the one’s who did not buy, realized that they have missed the bottom and have to pay about 15% to 20% more for prime properties now. As a result, more and more New Yorkers are establishing residency in Miami, moving their business here and taking advantage of no state income tax and the homestead protection while enjoying the best Florida weather.
During the real estate boom times the investors were making a fortune and everyone else wanted to invest into Miami’s real estate and for a good reason. The properties here appreciated faster than anywhere else in the country. This was partially because of the brand new, one of a kind, ultra luxury ocean front pre-construction condos and partially due to Miami being perfect location for International traders. However, now once again there are new projects on the horizon and the new deeper and larger port is getting built. Miami is becoming the center destination for foreign traders doing business with US.
“The near future of Miami real estate is very bright” says Lana Bell of Sunny Realty. Originally, the thinking was that it was going to be three to seven years, but the timeline has now shortened because we’re seeing much greater appreciation.” said Lana.
Although the foreign buyers remains Miami’s strongest source of buyers, as Miami’s real estate market recovers, more and more New Yorkers are here either renting or buying homes and condos once again.