Even a few years back, Miami was facing a slump in the real estate industry. Back then, it was not just failing to attract US buyers, but the foreign interest in South Florida’s properties had also taken a hit.
Conventionally, foreign interest in US property has proved to be a boost for the overall American economy; and, the trend of declining foreign interest in South Florida’s properties had befuddled, and frustrated, Miami real estate brokers, considerably.
1. Miami’s Real Estate Market Has Finally Improved
If the findings, discussions, and the turnout, at a recent conference for Miami real estate brokers is to be any indicator, the aforementioned real estate crisis has resolved to some degree. The housing market of Miami seems to have recovered itself, as - for the first time in years - potential buyers are facing a shortage of properties for sale.
Owing to a discrepancy in demand and supply, the prices of the existing properties have risen by double digits, since the December of 2011. This means that brokers can finally claim good money for that Fisher Island real estate for sale, or any other estate listings, for that matter. In such a market, prime properties like Surfside Miami Florida condos can demand a very hefty price.
2. South America Has Large Stakes in Miami’s Estate Market
Coinciding with an overall improvement in the real estate market of Miami, there has also been a steady increase in foreign interest in South Florida’s properties. The official reports divulge that South Americans have proved to be very open about investing in residential properties, as well as vacation homes, in Miami.
According to Geovania Heller, a Brazilian real estate agent, who was present at the Miami International Real Estate Congress, prices of property in South Florida are better than that in Brazil.
Real estate dealers from other South American nations are also unanimous in their opinion that Miami happens to be a very friendly and unique market for South American purchasers.
Of all foreign nationalities that have stakes in South Florida’s real estate, Argentineans claim 15 percent share, while Brazilians are entitled to 14 percent stakes. Consequently, Latin Americans compose 70% of the overall foreign real estate deals in Miami.
In the light of the current real estate scenario, real estate brokers are now focusing on making their properties more attractive for the Latin American buyers. Subsequently, there has been an increase in listings of Miami properties in the real estate websites of South America. Along with this, the brokerage phenomenon of schmoozing, and rigorous mobilization of the social networks, has also contributed to an increase in Miami realtor’s overseas visibility.
3. Venezuelans at the Top of Miami’s International Real Estate Occupants
Of all foreign buyers, Venezuelans buy the most properties in Miami. The official share that they have, in the list of South Florida’s overseas purchasers, amounts to a whopping 16 percent.
In fact, it is being projected that Venezuelans will continue to be the foremost buyers of Miami’s properties, for many years to come. The main reason for this is the unstable political condition of their native land.
It can be only hoped that such favourable trends will continue to bring more and more rewards for Miami’s real estate market.
Brenda Lyttle is an enthusiastic custom home builder. She loves her job as she helps people frame out their dream homes from their imaginary canvas into reality.