Record-Setting Years for Miami Real Estate
The last few years have marked increases in Miami’s luxury real estate market that have led to one record-breaking sale after another. Regardless of the notion that the housing market was at its peak in 2005, the recent years have seen a boost in real estate values that have clearly overshadowed the prior market boom.
Even with a lower real estate supply, the 2012 year resulted in higher sales than the previous year. In addition, prices gained significant values in appreciation that distinguish the year as a turning point for South Florida real estate.
Overall, the single-family home sales in Miami-Dade grew 7.9 percent in 2012 from 2011 quantities. Condominium sales also rose at a 1.2 percent higher rate than the previous year’s sales. The numbers are encouraging professionals who did not anticipate such strong numbers. Nonetheless, it seems that the appeal of South Florida continues to be a strong motivator for investors seeking the best in real estate.
Furthermore, December, which is traditionally timid with sale transactions, this time proved eventful with a 12.5 percent sale increase from the same month last year. There were also surges in the sales of existing homes by 16.4 percent while the sales of existing condominiums went up 9.8 percent.
The median price for Miami real estate rose without interruption for the 13 months leading toward December, but 18 months total for condominium property alone. In fact, condominium real estate prices increased altogether by 25.4 percent from the previous year. These figures provide an additional reason to invest in South Florida real estate when you are very likely to see profitable returns.
There has also been visibly increased attention from international buyers, even higher than the 2011 amounts. Statistics show that as many as 90 percent of international investors purchase South Florida real estate properties in cash. Consequently, a great portion of the cash sales made this year, which accounted for 65 percent of the total closed sales in December, (up from 63 percent in December 2011) could be attributed to their presence in the Miami real estate market.
With such impressive sales in the South Florida area, experts anticipate this year to solidify the growing real estate market further. Therefore, it is a perfect time to invest in some of the most desirable locations in Miami, especially the condominiums that have seen significant amounts of appreciation.
Excellent choices to consider in one of Miami’s fastest growing regions of Sunny Isles and Bal Harbour areOne Bal H arbour, Turnberry Ocean Colony, and the Regalia Sunny Isles condominiums. From beautiful ocean views to ultra-luxurious residences, extensive property amenities, and 24-hour security, these developments provide excellent opportunities for real estate investments. Overall, prices range from $185 thousand to $6.5 million.
The last few years have marked a noticeably growing luxury real estate market in South Florida. With consecutive record sales in real estate and an increased interest in investment from international buyers, property values are steadily on the rise. Now is an optimal time to invest and ideal opportunities are available in exclusive Miami condominiums.