Miami condos

Just how healthy is the housing market in Miami today? Around the country, we’ve seen quite a big change since the crash of 2007, and things have completely reversed. This includes Miami as well as entire South Florida, although it can be a bit difficult to predict the future. Still, looking at the way things are right now, the real estate investments are looking very strong, and there is a healthy amount of competition in the area. Agents feel that one of the reasons that it is difficult to get a full picture of the market is that each of the different areas are a microcosm unto itself. They have their own supply and demand, and people have to take a step back and look at the big picture to try to understand just how things are going. (Visit Miami real estate website HERE)

What Types of Properties Are Available?

One of the nice things about South Florida is the fact that you are never going to be at a loss when it comes to different styles and types of properties. You can find some relatively simple single-family homes if that is what you are after. You can also find some massive luxury estates right near the water if that is what you prefer. Of course, you many find that buying a unit in a luxury oceanfront condo is more your style. Buyers have many different types of properties at their fingertips.

Is It a Buyer’s Market?

Right now, it appears as though there is about six to seven months worth of inventory available in the Miami area, although different neighborhoods may have more or less depending on a number of factors. Still, this is a good amount. They consider anything more than a six-month inventory to be heading into the realm of the buyer’s market, even though some agents will not say that it is there quite yet.

What does it mean to be in a buyer’s market? It essentially means that the number of properties available is greater than the number of buyers. Even though South Florida is hugely popular and there is not a shortage of buyers, there could be a surplus of homes in the short-term. This means that the buyers will have more leverage, and that they could potentially get the homes for a better deal since the sellers have so much more competition. If a buyer does not like the price of one property, he or she can go and find a similar property for a price they do like. This puts a bit more pressure on the sellers.

A seller’s market would be just the opposite. There would be a shortage of available properties, and the prices for them would go much higher, sometimes resulting in bidding wars for certain properties.

It’s best for both parties when the market is balanced, and that looks to be where South Florida could be headed soon. The number of buyers and the number of homes should balance one another. Overall, the strength of the market right now in South Florida appears to be quite good.


Miami condos for sale

For the fourth year running, Miami has shown record-breaking tourism numbers. The tourism numbers are in, and Miami-Dade played host to over 14 million overnight guests in 2013. If the rest of the country – or the rest of the world – is experiencing lulls in tourism due to a slumped economy, you couldn’t tell from looking at Miami. Not only has Florida bounced back from the recession caused by 2008’s housing crisis, but Miami real estate is showing better numbers than ever. What’s driving it?

The actual number of visitors to the Miami area only increased by about 2.2 percent over 2012. However, tourism expenditures increased by more than twice that, at 4.6 percent. That’s a record $22.8 billion that came into Florida from tourism.

Getting a Reputation for Luxury

Tourism bureau president and CEO, William Talbert III attributes this increase in expenditures to changes in the city. Miami has garnered a lot of attention over the past few years, and it’s becoming known, more and more, as a luxury destination. That means that more people with disposable income are likely to come to Miami and spend their money in and around the city.

However, our fair city’s reputation for luxury is a bit of a double-edged sword. If that reputation goes too far, Miami will be seen as a playground for the very wealthy, closed off to the middle class. This could result in tourism numbers dropping.

Fortunately, the city of Miami has been hard at work, with marketing campaigns all over the world. The tourism board is not just interested in making Miami a destination for US residents. It wants Miami to be a serious international vacation destination.

Becoming an International Destination

Domestic tourism numbers weren’t the only ones going up in 2013, either. The number of visitors from Venezuela, Argentina, and Colombia increased by 4.4 percent, reaching just over 7 million visitors. In fact, international tourism is really the reason that Miami saw another record-breaking year. If you look at the breakdown, domestic tourism only increased by about a half of a percent.

Miami’s tourism board members know that if the city wants to see future increases in tourism that the marketing focus has to be outside the United States. Domestic travelers often think of Miami for a fun, sunny, vacation with beautiful beaches all day and tons of chic urban shopping, dining, and clubbing at night. To really grow the numbers, Miami will have to appeal to international travelers, and the tourism board is already on it.

Though Europe has been experiencing a minor recession, marketing campaigns aimed at European tourists have already brought an increase in visitors from the UK, France, and all over Europe. The tourism board is also hopeful for emerging tourist markets in India and the Middle East. In fact, as of June of this year, Qatar Airways will have 4 flights per week to Miami, opening up a previously totally untapped market for Miami tourism. The future is bright for domestic and international tourism to Miami and even brighter for Miami condos (CLICK HERE TO VIEW THE SITE)


Miami real estate

ONE Sotheby’s International Realty Sunny Isles Beach Branch is gearing up to provide the best real estate resource for the South Florida real estate market. Our site covers the markets for commercial real estate (view site) as well as residential properties. In addition to this, we provide top-performing brokers as well as valuable insights to the local market place. Our knowledge of local market is superb when it comes to luxury oceanfront condos and waterfront homes.

Listings

Miami Florida has some of the finest luxury real estate in the world and, because of that, the most expensive properties on the market are always of interest to not only investors, but simply to those who want to know what’s out there for people who are looking for something that is a bit beyond luxurious. Our Trends Magazine is a semi-annual, comprehensive study of South Florida real estate market activity from Miami to Fort Lauderdale, including in-depth data analysis by neighborhood. (Click here to view).

What’s In Store?

There are plenty of reasons to be optimistic about South Florida’s real estate market. Not only has the worst of the financial crash long since passed, the real estate market is showing a great deal of promise in terms of how it may shape up in the future. In fact, some real estate experts are predicting that the boom and bust cycle that has characterized South Florida real estate has switched and now the market is once again heating up. Interestingly, one of the reasons, at least in part, is because of one of the greatest strengths that South Florida has always had: it’s appeal to international residence.

Brining in the Cash

Investors, as well as new residents from Latin America, Russia and Europe who are looking for luxury real estate have been picking up some of the most desirable properties regularly. This has brought some stability to the market and, in the future, it may ensure that the boom and bust cycle isn’t so much a part of South Florida’s real estate market at all. With a diversity of properties available, including waterfront properties that sell in the millions and residential homes that sell for very reasonable prices, South Florida has enough diversity among the real estate market to keep such investors happy.

Our website offers all currently available listings in from Fort Lauderdale to South Miami all with photos, maps and extensive statistics information to provide all available data to our clients. Please see the site here – http://www.sunnyislesmiamirealestate.com/. In addition, we’re always eager to help and educate our clients in using the tools we provide as well as our professional opinion. If you’re looking to list a property, please contact our office at (305) 336-0457 and we will provide market analysis report and well as comparable properties report and will get you the best possible price on the market.

Contact us today to learn about the future of the market and how it may stack up in terms of investment potential. With great properties being available and investors from all over the world demonstrating an interest in picking them up, the real estate climate in South Florida is likely to be just as sunny as the weather in the near future.


Miami commercial real estate

Miami’s luxury real estate comeback continues to be the “phenomenon story” in the world of residential real estate as the inventory keeps shrinking and the prices keep rising. Condominiums remained among the most popular properties in the area. In many cases, these condominium statistics – which are rather promising – are being driven by cash purchases from foreign investors eager to get in on the Miami real estate market and, of course, to enjoy what Florida has to offer as a place to call home.

Promising Numbers

In 2007, buyers pulled out of approximately 10,000 condominiums. While that might’ve been rather terrifying news, particularly at the time it was happening, a full 95% of the 23,000 condominium units that were built during the last condominium real estate boom have now sold. People may have been pulling out at one time, but there certainly not anymore. Putting these two numbers together illustrates just how far the real estate market has come, in recent years.

Big Numbers

It’s certainly no secret that Miami is home to many affluent people and, by looking at the numbers associated with real estate, it’s sometimes possible to drive that point home. According to the reporting, two side-by-side penthouse units located at the development Edition Miami Residences sold for $34 million each. This is still the largest real estate condo deal in Miami-Dade County history, according to Forbes.

Despite that being the largest deal, that is not the largest price. Palazzo D’Oro, a penthouse located at Mansions at Acqualina, is listed for $55 million, the most expensive condominium property in all of Miami. Where prices are concerned, a preconstruction oceanfront condominium in Miami-Dade County will typically start at about $1200 to $1500 per square foot.

Construction Is Moving Forward

The numbers also reveal that construction is still underway in the Miami-Dade area. There are 6200 residential units that have been proposed for the downtown Miami area. There are also 3036 residential units being constructed in downtown Miami already. Of course, for investors looking to get into the Miami-Dade real estate market, these constitute great buying opportunities.

Go Big

The new construction now days offers some of the tallest and most luxurious condos in the world. Panorama Tower downtown Miami will be the tallest building in Florida. It is projected to rise 830 feet over Brickell Avenue. Miami, of course, is no stranger to tall towers and some of the best luxury properties happen to be located in them, but this will definitely take things to another level.

Constant interest from affluent individuals abroad and individuals within the United States have brought real estate in South Florida to the new levels both in luxury and price per square foot. Not only it is selling, there is construction going on to make certain that there is enough inventory to satisfy future need.


Miami real estate for sale

According to reports in the New York Times, the Government Accountability Office has found that federal regulators did a remarkably poor job trying to provide relief for families whose homes were in the foreclosure process. The report held that unnecessary bureaucratic delays were created by officials and that, on top of that, the reviews of loans that were in trouble were carried out by private consultants who billed too much and did very little.

The reporting held that, when having cases reviewed, the private contractors hired to take a look at loans that were in trouble and look for signs that homeowners had been kicked out of their properties improperly were not examined efficiently at all. In fact, only a very small portion of the foreclosed loans that were supposed to be reviewed were actually reviewed at all. In addition to not coming through on behalf of homeowners, the private consultants hired to review these loans racked up a total of $2 billion in fees. This, of course, has raised the ire of government officials and, predictably, of homeowners who are caught up in the foreclosure process when they should never have been.

Florida’s real estate market has been doing remarkably well in recent years, despite the fact that it was one of the hardest hit areas of the nation when the real estate market crashed not too many years ago. Many Miami homes were put into foreclosure and, even among real estate developers, there is still a great deal of discussion about how this happened. At a recent convention, one major South Florida real estate developer said that he felt that there was a certain breakdown of etiquette in the lending process, allowing homeowners to get a huge amount of funding whether or not they really had the means to pay that back. Of course, it was the mortgage writers who gave this money out, even though basic banking practices may have told them that it was a bad idea.

Return of the Affordable

Since the Miami real estate market has been picking up again, there has been a tremendous demand generated for affordable housing. Florida, South Florida in particular, is associated with luxury real estate. Some Florida real estate is among the most opulent in the world, in fact, and attracts people from all over the globe who want an estate property in an area that is undisputedly one of the most beautiful in the nation.

Even though that is the case, developers have increasingly been looking toward the affordable housing market as a good place to generate new revenue. As the Florida real estate market evolves, it may become more diverse, calming down some of the demand for housing in the affordable range and still preserving the vibrant Miami’s high-end real estate market that characterizes some of the areas of the state. Despite the fact that many homeowners suffered – and continue to suffer – as a result of the real estate crash, the Florida market is doing very well these days and people are hunting for housing again rather than being foreclosed upon.


Miami condos for sale

Miami Condos

Miami Beach, as well as other oceanfront areas such as Sunny Isles Beach, South Beach and others, are very well known as being places where getting condominium property is one of the most popular real estate buying options. There are numerous condominium towers located in these areas and all of them compete vigorously to attract new residents and to keep their existing residents. What attracts people to condominium living is complex. Condominium living allows people to have all of the luxury of an estate property with some distinctive differences that make it even more appealing to some people looking at the high-end of the market.

Miami Condo Living

is oftentimes characterized by having access to the same sort of amenities that one would find at a five-star resort. In fact, for many residents of condominiums, this level of service is expected. The most luxurious Miami condos offer valet parking, 24 hour security, private beaches, restaurants, fitness centers, spa, childcare centers and much more. This all makes it very easy for people to live in these properties, as they don’t have to drive to many different places to take advantage of all of those services.

Many of the people who live in condominiums live and work in their condominium properties. Most condominiums at the high end of the Miami real estate market provide a variety of business services to the people who live in the condominium properties. This is invaluable to people who still need to get work done but who may also be spending part of their year living in Florida to enjoy a more laid-back lifestyle, taken some time at the beach and so forth. Instead of having to go to Downtown Miami to get business done, many of the people who live in condominium properties are able to take care of just about everything in their own homes. Many of the condominiums being built today, in fact, are equipped with high-speed lines and other features that make it easy for people to move in, plug in and get to business.

Miami Oceanfront Condos allow a huge number of people to enjoy living close to the ocean. In this regard, they are enormously efficient. Despite that efficiency, however, people are still able to have a very private experience in their own homes. For example, most condominiums come with expansive balconies, at least at the top end of the real estate market. These balconies feel very private, afford people beautiful views and, in many cases, have plenty of room to entertain.

This combination of a private atmosphere combined with easy access to a lot of people to spend time with, to entertain with and to simply enjoy makes Miami condo living a unique experience that is very hard to mimic. For people who aren’t interested in having their own estate property, condominium living oftentimes allows them to get the same high-end real estate experience without all of the maintenance requirements that go along with owning a large estate, which is particularly attractive for people who don’t live in Miami year-round.


Miami real estate

Miami homes for sale

Castello del Sol – home on La Gorce Island Miami Sold For $30 Million

setting a record for La Gorce Island, on which the luxury property is located. La Gorce Island is located in Miami Beach and offers tranquil living on the golf course and walking distance to the beach. This sale set a new record on the island and is also probably in the top five most expensive sales among Miami Beach homes.

This property was actually purchased by a corporation, and a corporation was also the seller in the deal. The corporation that sold the home has the somewhat unwieldy name of 1418518 Ontario Incorporated.

This home is so large, it almost resembles a resort in its scale and luxury. However, this home is quite unique among the many luxury Miami Beach properties located on the Eastern Seaboard.

Castello del Sol Estate is located in the heart of Miami Beach, on La Gorce Island, which is one of the more exclusive islands in the Miami area. The property comprises 2 acres in total. The island on which the property is located is gated and guarded, offering a very private experience for the homeowner.

A full 349 feet of the 2 acre property consists of this Biscayne They frontage. The property has enough room for yacht owners, with three docks of its own – all made of teak – and plenty of space to dock even a large yacht.

Castello del Sol has just about every feature that one would expect out of an exclusive resort. The property is outfitted with its own theater and has two kitchens. All of the ceilings in the property are hand-painted and the finishes in every regard are luxurious and upscale.

Miami homes for sale

The home is even supplied with its own library and, in total, there are 17,000 ft.² of air-conditioned space that comprise the home. The square footage is divided up between different bedrooms, offering plenty of room for guests and, of course, the corporate visitors that are likely to frequent this property now that it has been purchased by another corporation.

The amenities at Castello del Sol certainly include some that range into the extremely exclusive, particularly the three docks. According to reports in the Associated Press, the three docks were permitted by bribing a mayor. This is connected to the original owner of the home, David Paul, who owned a savings-and-loan in the 1980s.

The island on which this property is located is certainly no stranger to celebrities. La Gorce is home to many affluent individuals, and most of the homes on the island certainly meet the definition of estate properties. The values of these exclusive estate properties have sky-rocketed within the last several years, recording many multimillion dollar sales.


Miami real estate

Miami homes for sale

When people think of Miami real estate

they probably tend to think about expensive homes, expensive cars and very expensive lifestyles. It’s no wonder. Miami is famous for being a magnet for celebrities from around the world. Successful business people and investors from around the world also make their homes here, oftentimes moving to the exclusive islands located nearby the city itself. According to reports in The Real Deal, however, affordable housing may play a much more significant role in the real estate market in the future.

Not Everyone Is Wealthy

The reporting points out that, despite the fact that Miami is so strongly associated with affluent lifestyles, a full 75% of the households in Miami have a total income of $75,000 or less every year. The same households tend to spend a lot of money on transportation and housing. This creates a natural demand for housing that is far more affordable and accessible than the exclusive homes that tend to make the news when they sell for multimillion dollar price tags.

Lopsided Development

Developers interviewed in the article mentioned that they don’t want to put all of their money into the type of development that defined the real estate boom prior to the crash of the real estate market. In that market, developers largely concentrated on condominium development and very high-end homes. Many of those same developers, according to the reporting, ended up with significant amounts of debt when the real estate market crashed and when people stopped looking to the high-end for housing.

Despite this, the article does point out that, Miami luxury real estate market has since recovered to new heights and now there is a significant demand for affordable housing. One developer use the metaphor of people lined up around a city block to describe how much demand there is for any affordable home that comes on the market.

Changing Ideas

Some of the developers in Miami most associated with high-end development are actually moving into low income housing and even Section 8 housing. Affordable housing, which is designed to be able to accommodate the incomes and lifestyles of the working class and middle class families, is also something that many developers are looking into as a way to boost their sales. Some of the developers, of course, already have experience working in this type of housing, which can only help with the transition.

As businesses have branched out into the affordable housing sector, competition has increased, of course. Developers, however, do note that there is a great deal more risk in developing luxury properties, including condominiums. Even though the profit margins may be lower with more affordable housing, there is so much demand for those units that it’s likely that developer stand to make more of a profit producing that type of housing.

Miami homes

are not likely to lose its reputation as a playground for the rich and famous, but the millions of other people that live in the Miami-Dade area may constitute one of the most promising real estate markets in the future.


Miami real estate for sale

Brickell Condos For Sale

For the 11th consecutive month, sales in the Miami area housing market continues to rise. This is a direct result of absentee buyers and overseas investors seeing the advantage of scooping up many of the deals offered in the local home real estate market. The average price paid for a Miami luxury homes has risen over 14% in the last 12 months. This is just one more indicator of the nearly 18 months of consecutive increases in the housing market of Southeast Florida.

Even sales month-to-month are on the rise. March sales on new and resale homes and condominiums rose significantly, to nearly 19% over February sales. There is also a significant rise in the number of sales from the previous year, up over 7%. While it is typical to have higher generated sales during both February and March, there is a significant change in the overall market, as demand continues to rise.

Continuous Sustainable Real Estate Growth

It was not that long ago when Miami served as the poster child when the bubble burst in the housing market. The entire real estate market in southeast Florida seemed to be the last to respond to the nation’s devastating recession beginning in late 2007. However, since then the numbers in both demand and prices are beginning to look up. While many “experts” believe that these rising numbers are nothing more than smoke and mirrors, there are indicators that the higher demand for housing in southeast Florida is real, and can provide a continuous, sustainable growth.

Many of the naysayers are indicating that over six out of 10 homes purchased in southeast Florida are bought by institutional investors, absentee buyers, and those looking to put their money in a solid real estate market in the US. Supposedly, many of these investors are purchasing homes in large numbers with the desire that the real estate values in southeast Florida will remain on the rise. Some of this might be true, in that there is a growing need for rental properties that can be supplied by these absentee buyers.

Either way, the news is great for the local economy. The stimulation of outside money, and the sales of many condominiums and homes that have at empty for years, can finally be filled. This will help increase local taxes, and bring new energy into many communities all across southeast Florida.

What Is Next?

While the price for a single-family detached house, per square foot, rose more than 17% from the year earlier, it might make it more challenging for the first-time homebuyer to achieve the American dream. This at least might be true in the Miami area.

However, with local developers eager to restart new home construction, the supply might quickly overcome the demand, and once again lower home prices. This in effect will reverse the situation, and make it affordable for nearly anyone eager to purchase a home to do so.

The Miami real estate market proves to be on the rise, with the come back from the recent recession finally beginning to show progress.


Miami Beach Waterfront Properties for sale

Oceanfront condos in Miami Beach

With the rise of the baby boomers heading toward the retirement years, and real estate investors from the Latin American countries, the real estate market in southeast Florida is in high demand. Many buyers are seeking out oceanfront and waterfront properties in Miami Beach.

For decades, developers had built up much of the raw land throughout the Miami Beach area to take advantage of the last real estate boom. It was not until 2007, when construction halted due to the recent recession. However, now that the tide seems to be turning in the southeast Florida real estate market, Miami Beach is seeing resurgence in both the need for waterfront and oceanfront properties, along with near-beachfront condominiums and homes.

The real estate market in southeast Florida has always been buoyed by tourism, and the ever increasing demand from retirees hoping to find better year-round weather. Miami Beach is always served as a pivotal city in the area, and has served as an entertainment and cultural epicenter for decades. Its year-round weather is remarkable, as it embraces the cool waters of the Atlantic, and the sub tropic heat pushed upwards from the Caribbean islands.

A Solid Miami Beach Real Estate Market

Miami Beach has served as a major tourist spot for anyone interested in spending time in South Florida. The real estate market has always been solid, even through harsh economic times. As a result, many beachfront and waterfront condominiums and homes have been developed in an effort to meet the ongoing demand of investors and vacationers looking for vacation or permanent homes in the area.

The Miami Beach area is an ideal location to experience all the rich diversity of southern Florida. It provides an easy lifestyle with year-round phenomenal weather, and one of the few places in the US to enjoy golf every day of the year.

Miami Beach offers miles of beautiful beaches that are all available within walking distance. The convenience of the Atlantic Ocean is enjoyed by all of the Miami Beach residents that are here to spend the winter months, or on permanent vacation in southeast Florida year-round.

A Shift to the Miami Real Estate Market

There has been a major shift in the real estate market in southeast Florida, just within the last year or two. Many overseas investors are still eager to get their hands on an up-and-coming real estate market in the Miami Beach area. As many more individuals move into town every day, there is a higher demand in the home and condominium rental market, which suits the real estate investor to a tee.

Likewise, the market is quickly accommodating many of the retirees, and individuals hoping to purchase the real estate at a low price, so it is ready for them in the next few years when they retire.

Fortunately, there are still many great oceanfront Miami real estate deals still available. Prices on residential properties all through Miami Beach are still significantly lower than they were during the last construction boom.


Content published by Lana Bell

Content published by Lana Bell