Signs of a Luxury Real Estate Bubble in Miami
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Quickly leaving the past behind, Miami is in the midst of another real estate bubble. Although the hyperactive property development of 2005 combined with the national economic crisis stunned realty values for a spell, the city is vigorously fighting back with a new real estate recovery in the luxury market. By looking at the clear indicators of increasing property values, you are able to see why this is an optimal time to invest in Miami real estate.
1. A rising population
Already a great sign of the wealth of opportunities Miami has to offer is the rising number in the population. In 2012, Miami surpassed the highly metropolitan King’s County of New York to become the 7th most populous county nationwide. Undoubtedly in part due to the city’s increase, the state of Florida is on its way to becoming the third most populated state in the country this year. The continuous surge provides insight on individuals’ confidence in the city of Miami as becoming a leader in the economic recovery.
2. Exuberant foreign investing
Investors from all over the world see the value of purchasing Miami realty. As a matter of fact, demand for luxury condominium properties is becoming so high that realtors are racing to find every upscale unit available. Many foreign investors are able to provide up to 80% of the purchasing price while only financing the remaining small percentage. This is the most beneficial way to invest in luxury real estate in order to secure the investment better and prolong the increase in market values. This prominent level of committed ongoing interest for Miami luxury real estate among international buyers has led some realtors to make trips to South America for profitable transactions.
3. Revived condominium construction
With such a soaring demand for the most exclusive properties, the overbuilding of 2005 is well expected to sell out entirely this year. As Miami continues to appeal to investors, new condominium construction is underway with several notable high-end developments like the Regalia Sunny Isles Beach, Porsche Tower Sunny Isles , and Mansions at Acqualina in the Sunny Isles area.
4. A resident-filled skyline
For a short while, the city of Miami stood with an abundance of towering luxury condominium units and not nearly enough residents to fill them. That situation has clearly changed. The skyline is now being enjoyed by numerous amounts of residents, much to the overall benefit of the Miami real estate environment. Investors are seeing the value in purchasing a piece of Miami realty and using it to their advantage. Those who don’t buy exclusively for themselves see the profitable opportunities in buying in order to sell or rent out to other clients.
Undeniably, Miami real estate is creating a true comeback. Investors from around the globe have seen everything there is to gain from owning a part of this promising city. As demand increases, so, therefore, does value, which is why this budding real estate bubble is a perfect opportunity for you to invest in what will be sure to provide great returns. For more information on how to obtain your piece of Miami luxury real estate, please visit my website www.globalrealtypartners.com.