It wasn't that long ago, 2008 to be exact, that many thought that Miami and Miami Beach would be a condo ghost town. There were buildings as far as the eye could see - and see through - that had people wondering what would happen to this once vital city.
Well, a lot has changed since that time. Miami is winning the hearts of many of the former naysayers in what could be considered a true renaissance story. The city has become the epicenter of international interest and residential is leading the charge.
According to a study I saw done by Lewis Goodkin and Craig Werley, 85% of 24,000 condo and apartment units built since 2003 are now occupied. That, according to their study, is a 31% increase since summer 2009. Moreover, some 78% of the units built during the boom and left vacant have now been sold. "Sales and rental activity has outpaced even the most bullish predictions" said Mr Lewis.
This means that Miami's condo market now stands at one of the healthiest in the US. Why? Because, in large part, the interest by foreign buyers who bring cash to the closing table. Buyers, especially from South America, are scooping up properties at a frenetic pace. Prices remain low, compared to their original asking prices a few years ago, rental rates have improved and a push by the city to improve infrastructure and services have dramatically changed the landscape. People who once said that Miami was a risky place to be, in more ways than one, are now realizing that the gentrification has brought about major changes including a safer place to live and work. Tourism is a major industry and they all need a place to live, eat and shop. Miami is seeing an uptick in the commercial and retail arenas as well so it's become a win win for everyone.
And there are still lots of opportunities to be had. Not just in Miami and Miami Beach but all along the Florida coast (actually, anywhere in Florida). You just need to know what to look for. Do a little homework, work with an agent you know will steer you in the right direction and give you all the information you need to make a good investment decision and you won't go wrong.
Well, a lot has changed since that time. Miami is winning the hearts of many of the former naysayers in what could be considered a true renaissance story. The city has become the epicenter of international interest and residential is leading the charge.
This means that Miami's condo market now stands at one of the healthiest in the US. Why? Because, in large part, the interest by foreign buyers who bring cash to the closing table. Buyers, especially from South America, are scooping up properties at a frenetic pace. Prices remain low, compared to their original asking prices a few years ago, rental rates have improved and a push by the city to improve infrastructure and services have dramatically changed the landscape. People who once said that Miami was a risky place to be, in more ways than one, are now realizing that the gentrification has brought about major changes including a safer place to live and work. Tourism is a major industry and they all need a place to live, eat and shop. Miami is seeing an uptick in the commercial and retail arenas as well so it's become a win win for everyone.
And there are still lots of opportunities to be had. Not just in Miami and Miami Beach but all along the Florida coast (actually, anywhere in Florida). You just need to know what to look for. Do a little homework, work with an agent you know will steer you in the right direction and give you all the information you need to make a good investment decision and you won't go wrong.
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