If you compare the condo market of Manhattan and Miami, in terms of sales, Miami is far outperforming its sister city in the North. The foreclosure bubble that lingered after the mortgage crash left the industry with a buyer’s market, it also left the industry with properties to sell as bank owned REOs and short sales. While single-family homes were depreciating by recent appraisals, and rentals were subsequently inflated, Miami condos retained their values and their appeal.
As a result of the market changes, foreign buyers have now been replaced with an influx of domestic buyers. They are aware of the opportunities presenting along with the trend. Miami condos do not go out of style, nor do they lose their desirability. Miami is New York, with palm trees and better weather. The time to get in on these luxury properties is now. The markets have stabilized, and the demand is steadily increasing. Because of this, rates and asking prices will begin to go up, that is just the natural order of things. If you have been in real estate long enough, you begin to see the lulls, the window when it opens, and even the door when it slams shut.
The purchase of a condo in Miami is always going to be a sound buy. Whether the acquisition is intended as a primary residence or as an investment property, the condo will provide a return. The versatility of a Miami condo allows for creative revenue streams if the property will not be owner occupied, such as: Corporate, seasonal, or transient rentals. The amenities tend to sell themselves, typical features include: Valet parking, pools, spas, onsite shopping, conservatories, golfing, game rooms, jam rooms, observatories, outdoor gardens, racquetball courts, fitness centers, skydecks, bars, and the like. If you are looking to be swept off your feet and up into a high-end, high-rise condo, visit our site or our blog, you can even follow us on Twitter!