The Icon Brickell Miami

is certainly one of the premier names in luxury in the Miami area, and you could be the proud new owner easier than you think. It’s unfortunate to note that some luxury condominium properties have suffered from lack of sales in recent years. After all, when the economy is in crisis, people are more likely to put off luxury purchases, and that means homes in a prestigious area such as this one will languish on the market for several months. There isn’t a lot of good about this situation, except that it does force prices lower, which is beneficial to buyers.

Miami Real Estate Prices Are Going Up

In a buyers’ market, such as the one we are currently experiencing, it’s possible for buyers to seek lower prices from sellers, negotiating the prices down until they get a great deal on their new home. Those who have purchased homes in the last few years have most certainly benefitted from this reality. The same is true for Icon Brickell Condos, though the trend is slowly turning. If you take a look at the asking prices and sale prices from 2011, you’ll see that the gap between them is slowly closing. Property values are going back up, and that’s because the recession is coming to a close, at least here in Miami.

Icon Brickell Sales Have Increased Dramatically

This massive project offered more than 1000 units for sale. However, more than 96% of the project is now sold out, thanks to foreign buyers from all over the world. These condo residences were priced anywhere from $300,000 to over $2,000,000, depending on the size of the unit and the layout. However, any unit offers plenty of luxury and elegance. The views from each room are astounding, the pools are crystal clear, and the fitness centers provide great service. In addition, the residences are some of the most beautiful you’ll see in the Miami area, with upgraded flooring and countertops, beautiful lighting and fixtures, top of the line appliances, gourmet kitchens, and bathroom retreats. Everything is stunning, and no detail is left out.

You can still own a bit of this and take advantage of the lingering buyers’ market. If ever there was a time to buy, it’s right now, because the prices will continue to rise in the near future. You can get a great deal on a luxury Brickell condo before the prices are too high again. In fact, prices are so certain to rise that you can consider your home an investment. You’ll be able to see an amazing price appreciation in just a few years.

If you’re ready to own one of these beautiful residences, just give me a call – 1-954-336-1016. We’re knowledgeable and experienced in the sale of Miami condominiums, so you can be sure we’ll know what’s going on at all times. We’ll make the process easy for you, walking you through the negotiations to get the best price and then helping you through the closing process. It’s not hard to purchase a Miami home at a great price right now, especially when you have experts in Miami real estate on your side.

Miami real estate

is probably still at it’s most affordable point despite tight lending rules and appraisal problems. However, for buyers with cash it’s golden opportunity to step into the market at this time. In fact, we’re seeing the investor community step up, it’s share of home purchases reached almost 25% in August 2011. In fact, most luxury Miami condo buyers paid cash for their non-primary occupant homes.

For investors who can hire out or manage property themselves, the attractive rates of return from rising rental income is a strong lure. Miami rents rose at a better than 3% annualized rate in the third quarter of 2011 according to the government data. However, private data sources imply even faster rent growth.

There is no reason to believe this rent growth will coll, given the favorable demographics of a rising number of young adults over the next 20 years, a high number of owners of foreclosed homes who can’t buy in the near term, and the low construction rate of apartments.

If annual rent gains stay near 3.5%, rents will double in 20 years. If they reach 5%, rent doubling would occur in only 14 years.

In addition to strong rent returns, investors can anticipate solid home price appreciation over the long haul. Using 2000 as a “normal” year in which the market saw neither a bubble nor a bust, the metrics on home prices in relation to consumer prices imply a 14% undervaluation, and in relation to rental rates, a 20% undervaluation.

With the bubble clearly gone, the future home price path should follow the future rent growth path. That means home prices could also double in 14 to 20 years, though it is unclear when home prices will begin to catch up with rents. But long-term investors buying today are sure to catch some, if not most, of the upward ride.

Sunny Isles Condos Sales

jumped almost 70% (that’s right seventy percent) when comparing to last year’s 3rd quarter. There were 175 condos sold in Sunny Isles Beach within the 3 month period from July to September for a total of $114 million which is 105 transactions more for the same period last year.

Sunny Isles Beach

is projected to sell out of new condo inventory in the next 12 to 15 months according to the number of projected transaction reports in the first three quarters of 2011.

Developers Propose Construction Of Four New Condo Towers In Sunny Isles Beach

Recently major real estate development groups have proposed the construction of at least four oceanfront condos in Sunny Isles Beach

Developers of all four proposed towers have approached the city of Sunny Isles Beach with their respective plans, the city’s attorney Hans Ottinot said.

Each of the proposed projects – with a combined 648 units – is currently categorized as “planned,â€� “under construction,” or “planned / active” on the city of Sunny Isles Beach’s “Existing & Planned Developments” list, according to a February 2011 report posted on the city’s website as of Nov. 3.

At the current 2011 sales pace of nearly 45 new condo transactions per month, the unsold developer units in Sunny Isles Beach would be absorbed by the end of 2012, according to an analysis based on the Condo Buyers Guide To Sunny Isles Beach.

Given the shrinking inventory of developer units from the real estate boom, Sunny Isles Beach is poised to follow the emerging South Florida trend of new condo construction as 13 towers with nearly 3,500 units are already being proposed for the tricounty region of Miami-Dade, Broward, and Palm Beach as of Oct. 31, 2011.

The new ultra-luxury Regalia condo tower is proposed as one unit per floor and will be one of the first new Sunny Isles Beach project to launch pre-construction sales since the recent downturn in the Florida real estate market. The 42 story Regalia building is projected to start selling at more than $1,000 per square foot which will be a test of the newly improved Sunny Isles Beach real estate market.

The are as many as six additional projects being proposed in Sunny Isles – five condo towers and one townhouse community, all in various stages of planning development and currently categorized as “planned / active,”.

The six new residential projects, as originally proposed, are slated to create more than 450 condo units and townhouses in Sunny Isles Beach, according to the government report.

Overall, the South Florida condo boom has generated nearly $4.1 billion in developer sales of newly created units in Sunny Isles Beach as of Sept. 30, 2011.

Between 2003 and the third quarter of 2011, developers have sold nearly 5,700 condos with more than 9.2 million square feet of space, according to the report.

Sunny Isles Beach is a 40-block stretch from the city of Golden Beach single family homes boundary south to Haulover Beach Park, Biscayne Bay east to the Atlantic Ocean. Sunny Isles Beach is divided up into three neighborhoods separated by causeways: North, Central, and South.

Developers created 27 projects with nearly 6,400 units in the Sunny Isles Beach market since 2003. Prior to the boom, developers had built nearly 60 projects with nearly 12,000 units in Sunny Isles Beach.

Being a broker of Sunny Realty and providing one of the most used resource for Miami real estate (http://www.sunnyislesmiamirealestate.com/) I’m often asked: “how’s (Miami) real estate these day?”. Unfortunately I can’t just answer this question simply – “good” or “great” or “better”. When I start to explain that Miami basically has the best and worst real estate in the country, people think I’ve gone nuts and trying to sell them a story. However, here is The New York Post recent article By ANDY WANG.

Summer was hardly a vacation for those in the business of selling Miami condos.

“I didnt go to St. Tropez because of this”, says developer Gil Dezer, whose Sunny Isles Beach condo projects include the 384-unit Trump Royale and the three-building, 813-unit Trump Towers.
Dezer reports that he sold more than $100 million in Trump units during June, July and August ($50 million alone in August, including a $29 million, 34-unit bulk deal). He has closed more than $1 billion in Trump condos overall and has only about 75 units left.

Recent Trump Towers Condos sales

have been priced at about $525 per square foot. Thats significantly less than the $1,000-per-square-foot contracts buyers walked away from in 2009 after the financial crisis hit, but Dezer, whos paid off the construction loans for all four buildings, seems satisfied. (Donald Trump participated in a ceremonial Trump Royale condo mortgage-burning ritual, lighting the document on fire himself, in January.) The downturn made the job challenging, Dezer says. Every day was a battle. But when youre winning, its fun.

Winning could also be used to describe the situation at Icon Brickell. That nearly 1,800-unit downtown colossus, built by the Related Group with designs by Philippe Starck, seemed to be in peril not long ago, and two of its three towers were deeded back to its lenders in May 2010. But Icon Brickell Condos now nearly sold out, with more than 1,500 units closing for a total of more than $700 million. When you factor in units in contract, only about 30 condos remain.

I think the market has consumed the inventory in a much more rapid way than I and probably everybody thought, says Related Group chairman and CEO Jorge Perez, who adds that most buyers have been foreign. The Latin American economy has been strong.

The forecast was that we would sell all the units in three years at an average price of $350 per square foot, says Edgardo Defortuna, president of Fortune International Realty, which started selling Icon Brickell apartments in June 2010.

Less than a year and half later, Fortune is almost done and seeing prices at about $400 per square foot.

Demand has been so strong that Perez is now building another downtown development. The 192-unit MyBrickell is a couple years away from completion, but Relateds received over 60 reservations for condos before officially launching sales. Unlike Icon Brickell, MyBrickell isnt on the water, and Perez is passing on the cheaper construction costs and the deal we got on the land to offer units, with interiors by Karim Rashid, for about $300 per square foot.

Defortuna, meanwhile, is now selling downtowns Paramount Bay, a 346-unit building resurrected out of foreclosure by owners iStar Residential and ST Residential. Musician Lenny Kravitzs Kravitz Design firm is working on the building, where prices are about $400 per square foot.

South Beach real estate

with significantly pricier properties, is seeing lots of action, too. The summer was uncharacteristically busy, says Lana Bell, president of Sunny Realty, which has an office in South Beach and Sunny Isles Beach. We certainly didnt take a vacation.

According to Sunny Realty latest Miami market report, South Beach condos sold for an average of $515 per square foot during the third quarter. But this factors in distressed properties, including units bought out of foreclosure.

At the markets top end, the W South Beach Hotel & Residences has closed about $260 million in condos at an average of $1,700-plus per square foot, developer David Edelstein says. The W South Beach sold more than $50 million during the summer. One penthouse went for $7.7 million, north of $3,000 per square foot, Edelstein says.

As with much of Miami, foreign buyers have been key at the W. (Douglas Elliman translated its market report into Spanish and Portuguese to spur international interest.) From May through September, about 65 percent of Edelsteins purchasers were foreign, and about half of those were from Brazil.

The allure of the W has helped nearby condo buildings lure in buyers, including those from New York.

Fashion designer Irina Shabayeva, who won season six of Project Runway, owns a one-bedroom with a balcony at the 52-unit Boulan South Beach development just south of the W, but on the other side of Collins Avenue.

I like the Boulan because it was so new, really fresh and modern, says Shabayeva, who primarily lives in the East Village. And its across the street from the beach and the W.

Shabayeva says she enjoys the New Yorker-friendly amenities at the W, which include a Warren Tricomi salon and a Mr. Chow restaurant. And Edelstein says that the Dutch, an outpost of Andrew Carmellinis SoHo restaurant, will open in the W by Thanksgiving.

Boulan, which has sold 22 condos and has one-bedrooms on the market for upward of $600 per square foot, is busy filling its own retail spaces, as well. An art gallery should open in time for Decembers Art Basel festival. A Mexican/Asian fusion restaurant and a nightclub are also in the works.

Neighborhoods all over Miami are getting big residential and retail makeovers. The 56-acre Midtown Miami developments second phase, which will start next year, will include a boutique hotel, a movie theater and 100,000 square feet of retail.

Well definitely have a fashion component, says developer Jack Cayre.

And the nearby Design District is getting a Louis Vuitton store.

There was probably a point in time here someone said, Whats Chelsea? or Whats Meatpacking? and eventually, they became a place because New York was ready to have another place, says Greg Masin, senior director at commercial real estate firm Cushman & Wakefield. When we look at the Design District and at Midtown, what we see is the evolution of the next place in Miami.

Plus, the downtown Metropolitan Miami developments third phase will include rental apartments and a Whole Foods Market. Plans for downtowns eight-block Miami Worldcenter site include residences, restaurants and retailers. And the Genting Group, an Asian casino operator, has unveiled plans for its $3.8 billion Resorts World Miami mixed-use complex. But the scope of the latter two projects will depend on approval for casino gaming, something thats the object of much speculation and uncertainty all over Miami.

Dezer says he has been talking to major Las Vegas casino operators about land he owns in Sunny Isles (13/ acres on the beach and 6/ acres directly across the street that hits the intracoastal waterway) that could accommodate a gaming resort with more than 2,000 rooms and 3 million square feet.

They’re both good real estate, Masin says of the Genting and Dezer sites. If they both had a casino, theyd both be successful.

Whatever happens, Dezer has options.

We originally bought [the land] to build condos, he says. We could build five condo buildings.

That idea would have seemed ridiculous in 2009, but now its more plausible.

Defortuna has sold out the 256-unit Jade Beach condo building in Sunny Isles Beach and has just three apartments left (for about $700 per square foot) at its 252-unit Jade Ocean sister property.

In terms of quality inventory, oceanfront, he says, you can make a strong argument that you need to start building now.

Originally published by ANDY WANG.

(c) 2011 The New York Post. Provided by ProQuest LLC. All rights Reserved.

As a professional real estate broker in Miami

I have to deal with clients who are interested in renting and since Miami is a seasonal resort town, there are always people interested in renting short and long term. This is especially true this year as the number of people interested in renting an apartment in Miami have doubled.

Great article was published today in Miami Herald. You can read it below or click the link to read it at Miami Herald: http://www.miamiherald.com/2011/10/21/2464773_p2/south-florida-rents-rise-as-international.html

With continued investment fueled largely by foreign buyers, demand for Miami apartments is growing, meaning increasing residential rents, according to the Miami Herald. “I talk to a couple of investors all over South America and they tell me they buy Miami condos and it takes them about a week to rent them. “Each and every month, the rents are going up.” According to data from the Texas-based MPF Research, rent prices have gone up by between 3 and 7 percent this year. And with a steady stream of foreclosures on the way, the rental trend is likely here to stay.

With occupancy rates in Miami as well as South Florida above 95 percent and the rent prices risen between 3 and 7 percent, at least 160,000 homeowners either in foreclosure or so far behind on payments that an eventual foreclosure appears inevitable, the region’s rental market is likely to see growing ranks of new renters for the foreseeable future. As a result, more so-called “vulture investors� will seek hefty profits by buying up distressed property and converting them to rentals.

“We bought a two-bedroom in Kendall in May for $50,000. We invested $10,000 in repairs, and then rented the unit for $1,200 [a month],� Leon de Vega, a South American real estate investor. “We just closed the sale of the unit for $95,000.�

In addition to the rising Miami rentals market, international investors are drawn to South Florida real estate because the U.S. offers greater legal protection for foreign land owners than many other countries, and because some homeownership can make it easier to obtain a U.S. visa.

Growing investor appetite is driving sales for Miami luxury condos and waterfront single-family homes in Miami back to the boom time levels of 2005 and 2006. In Miami-Dade County, for example, total sales are expected to reach 29,000 this year, more than 2005’s total.

Despite the recent value declines homeowners have experienced during the recession, homeownership has proved a smart investment over the last several decades, with home values rising about 5.4 percent annually on average. The growing crop of renters is not able to benefit from that investment.

Additionally, the idea of saving money as a renter so that you can put together a down payment in the future is not viable for many cash-strapped South Floridians trapped between high rental rates and low wages.

How’s Miami real estate prices per square foot compare to the rest of world?

Some economists and journalists may still say that Miami real estate is overpriced, but the truth of the matter is that the prices for real estate in Miami are way less expensive that the rest of the world.

The chart above was compiled by credit management system Credit Sesame and shows price per square foot in major cities all over the world. At an average of $1,068 per square foot, Manhattan homes seems cheap compared to Paris, which costs an average of $3,287 per square foot for a residence, according to Credit Sesame’s data.

Also more expensive than Manhattan are cities such as Oslo, Luxembourg, London, Hong Kong and Beirut. Living in Houston, Texas is much more affordable than living in Al Kut, Iraq, $54 per square foot compared to $262 per square foot respectively.

Miami homes for sale

comes in at an average of $182 per square foot, which is really cheap in comparison to Europe, South Africa, Russia and even Poland.

What makes real estate in Miami more attractive?

Buyers have always been attracted to the properties in Miami and South Florida as a result of the natural beauty of living right on the shores of the ocean as well as the close proximity to so many prestigious shops and dining venues. Combine this with the 21st century modern ultra-luxury construction on the ocean and one of the most sophisticated metropolitan cultural living and you will have an idea of what Miami has to offer. The truth of the matter is that this season is going to be one of the best times in recent history to make a purchase in Miami Beach which is most sought after area as a result of the number of bargains coming onto the market.

This trend is also backed by the amount of individuals who have long enjoyed renting properties in Miami in order to escape the icy winters up north and European travelers will now have the opportunity to enjoy even more about living in Miami. Currently Miami offers wide variety of properties available for sale and rent to prospective buyers who are looking to improve their life style and enjoy the warm weather and vibrant night life that Miami has to offer.

Buyers who are looking for a bargain will find that they will be able to purchase a far more luxurious property than they can in their country or city. Miami style residences typically offer larger square footage, great amount of amenities, convenience and magnificent ocean or bay views. Whether you plan to bring family with you, you are enjoying the single life or it is just the two of you, you will certainly be able to find an opulent residence that will suit your needs superbly.

There has never been a better time to consider investing into some of the most prestigious and sought after real estate in world – a Miami residence. For lower prices than you might have ever dreamed, you can now own an opulent residence with top-notch amenities including your own gym, spa, pool, 24-hour concierge, valet parking, on-site cafe, and much more located right on the ocean.

For more information please contact Lana Bell – expert Miami investments realtor today – 1.954.336.1016

South Florida real estate

news has been pointing to positive trends over the past two quarters. But, which areas are ripe for investment or purchase? When is the right time to buy? And, what types of properties are likely to see the best return on investment? While no one can precisely predict the future for the real estate market in Miami, certain trends and predictors do point to when properties should be bought or sold.

While a number of areas show promise for future property values, recent interest has shifted to North Miami Beach and Palm Beach areas. A condominium project shelved by Kolter Group, LLC during the recent economic downturn has recently seen some revitalization. A competitor recently made a bold move, potentially influencing Kolter’s decision to counter with a bold move of their own.

Related Group recently announced plans to construct a 506 unit, dual tower condominium project in the north end of West Palm Beach. Shortly following the Related Group’s announcement was news from Kolter that their North Palm Beach condo project was back underway.

Currently, the Kolter project is estimated to break ground in the fall of 2012, offering additional condo units and reduced pricing than the original plans. Unit pricing is expected to fall between $600,000 and $1.5 million, reduced from the original layout, which called exclusively for luxury units each priced in excess of $1 million. To recapture some of the expected losses due to the pricing reduction, the developer has reconfigured the space to include more units than the original plans called for. The project’s completion date is currently estimated to fall within the 2014 calendar year.
Whether the recent positive trends in the real estate market, or the announcement of a competitor’s project prompted the response from Kolter to re-engage plans to construct these luxury condos, the surrounding areas are excited to see renewed interest in development in general. Not only will these two projects offer additional housing opportunities for residents and investors to capitalize upon, but they will create much needed jobs for the area, fueling other economic sectors in the South Florida marketplace.

Both the Kolter and Related Group projects will feature luxury amenities, great condo views and strong pricing opportunities in which can be taken advantage of. While pre-construction plans and pricing have yet to be announced, interested parties should follow the news associated with each property so they can get in at the best prices possible. This advice is particularly true, as the speed of the market’s recovery in terms of property values is still anyone’s guess.

Similarly, there are several project on the way in Sunny Isles Beach. One of those new projects will be called The Porsche, located in the heart of Sunny Isles Beach and will be the new ultra luxury high-rise with 1 unit per floor, allowing you to even park your own car in your apartment. Stay tuned for more information as we’ll be blogging about new projects all over South Florida.

The 3rd largest casino company (Genting Malaysia Berhad) in Asia just purchased 13.9 acres of waterfront land owned by the Miami Herald, for $236 million. The property stretches from Biscayne Boulevard to Biscayne Bay. This landmark deal will reshape the surrounding downtown area, bringing more life and vitality to an already booming portion of the city.

In a public statement, the Herald publisher noted that while their operations have thrived in this area for a number of years, the space was no longer conducive to ongoing operations. The $236 million land/property deal was also in part prompted by The Herald’s need to bolster funds, specifically to address funding needs of the organization’s pension plan, to repay some company debts and to address taxes. The newspaper’s executives have provided additional assurances that this sale will in no way interrupt their normal course of business.

The Genting group estimates the total construction project cost to be between $2-5 billion, which will not only boost the local economy, but will result in the creation of numerous jobs. The current plans for the property include a hotel, retail shopping, high rise Miami residences and a convention center.

“This deal has generated a great deal of excitement within the Miami real estate community, as it is at or near to the highest price paid per acre in Dade history,� said Lana Bell of Sunny Realty. “A deal of this magnitude will create tremendous opportunity for not only local residents and businesses, but for the surrounding property market.�

Many local Miami real estate experts

feel that this deal serves as an endorsement for Miami. Asian developers chose the area not only due to the opportunity and price point, but the potential to draw international and domestic tourists, a strong revenue source for any project of this type.
“Successful real estate transactions such as this merely validate the strength of the South Florida real estate market. While this deal is certainly the largest to come our way in some time, it is surely a sign of what is to follow. South Florida is hungry for Miami luxury residential developments, both for current area renters as well as international visitors,� said Lana Bell, of Sunny Realty.

While the deal has been closed, construction isn’t expected to commence for 2 years, which corresponds to the allotted time frame provided to The Herald for relocation. The newspaper is currently searching for property within the area, although they may divide the printing and publication portions of their organization should the right space not be found to accommodate both.

From every angle, this landmark deal serves as a positive sign for Miami’s real estate market.

President Barack Obama recently proposed a $15 billion housing stimulus package as part of his American Jobs Act. What does this plan include? And, how will this package affect Miami real estate opportunities and the overall market’s value in South Florida?

The President’s plan was designed to connect Americans seeking employment in distressed communicates with the growing need to repair, repurpose and re-sell residential and commercial properties. The proposed plan has been modeled after successes experienced in the piloted Neighborhood Stabilization Program (NSP). The proposed $15 billion in funding will be invested into targeted rehabilitation programs, within targeted communities nationwide.

Some of Project Rebuilds goals are as follows:

· Stabilize communities by providing focus and resources on distressed commercial properties; vacant structures place pressure onto surrounding property businesses and can act as a detractor to any new businesses entering the area. The hope of placing focus onto restoring these properties is that renewed interest will be generated in the eyes of local; and even national businesses, improving the area’s occupancy rates.

· Support collaborative redevelopment strategies, involving non-profit organizations, local government and private sector businesses. The hope would be that new development projects would be generated through such collaborations.

· Provide funding for land banking, which promotes community interest in buying, holding and eventually redeveloping distressed properties. While this strategy is often longer term, the goal of Project Rebuild is to provide the necessary capital infusions, or access to low interest capital, to increase private sector development interest.

· Creation of jobs, particularly in the areas of property maintenance and property rehabbing/rebuilding. Jobs will not only improve the area’s economy, but will afford some families the ability to purchase their own homes, thus strengthening the South Florida real estate market.

Through Project Rebuild, Florida stands to receive as much as $2.7 billion in Federal grant money. While much of this funding will be directed toward redeveloping or developing the community’s real estate, some of the funds may land in the hands of distressed homeowners if approved by the U.S. Department of Housing and Urban Development.

A previous government funded real estate project, the Neighborhood Stabilization Program (NSP), has provided tangible financial results for residents of South Florida. For example, approximately 15 homes were rehabbed in Palm Beach County alone, each of which is now occupied by a new homeowner, or lessee.

While any program experiences struggles, it is important to note that the ultimate goal of this new funding proposal is to put individuals and families, who are income eligible, into homes. This, no matter how you cut it, will provide value to the communities of South Florida, and its surrounding real estate market.

While great attention has been focused on Miami real estate

buyers originating from Europe and South America, it is important to note that one of the largest groups of foreign nationals showing interest in the region hail from neighboring Canada. According to the trade group, Florida Realtors, nearly thirty six percent of international real estate purchases are attributed to Canadians.

Why are Canadians Interested in South Florida Real Estate?

According to the Bank of Montreal, 20% of Canadians are considering the purchase of U.S. property for an investment, as well as their own personal vacation use.

The depressed U.S. real estate market, coupled with the strengthening ‘loonie’, has spurred renewed interest in purchasing vacation homes abroad. While Canadians have always shown a strong interest in South Florida real estate market, for many citizens, these enhanced buying conditions have simply sped up the time line for interested parties. While Canadian buyers originate from all parts of the nation, most reside in Toronto, Calgary and Montreal.

The reasons that Canadians are interested in Miami Florida properties for sale aren’t much different than U.S. citizens purchasing property in the region. Due to the extreme weather experienced in virtually all parts of Canada during the winter months, many residents look to escape for a few months, in search of warmer climates. Warm annual climates, nice beaches, easy flight access and affordable vacation options add to the overall appeal of Florida’s property market.

Another contributing factor of this renewed interest is the rising property prices within their home country. While the U.S. has experienced a decline in real estate values over the past few years, property values in Canada have nearly doubled over the past 15 years. According to the Montreal Gazette, the average property value in Canada is just over $330,000, up from $150,000 just a short 15 years ago. The appreciation in many people’s homes throughout Canada has added to the confidence and interest in investing into depressed markets offering vacation properties. Many homeowners are utilizing the equity within their domestic properties to purchase vacation properties abroad. This technique enables buyers to forgo traditional financing techniques, facilitating quick and easy transactions for both parties.

What Miami Property Types are Canadians Buying?

Canadian property interest is focused primarily in the areas of Mimi-Dade, Broward and Palm Beach, according to the Miami Association of Realtors. The types of properties purchased span a wide range. Some are seeking single family homes or condos to utilize solely as vacation properties. Others are looking to take advantage of the strengthening rental market, both residential and vacation, and are purchasing properties that offer characteristics of particular interest to renters.
Regardless of the reasons behind the continuing interest of Canadian buyers, South Florida home owners and investors are open to the idea of new neighbors, as new purchases can only strengthen the marketplace.