Your Sunny Isles Condo Resource ? Miami luxury condo market is ...

For the last twenty consecutive months, the prices for condominiums in Miami and all across southeast Florida has risen dramatically. The real estate market surrounding Miami continues to strengthen in spite of the limited available inventory. As the demand continues to rise and supplies dwindle there are indicators that there is a significant appreciation in price.

Out of the tens of thousands of condominiums that were developed throughout the Miami area during the heyday of the boom years, less than 600 remain, and are available for sale. This is in direct response to many of the investors from Latin America that have sought to put their money in southeast Florida as a safe haven. As a response, local developers have reacted to this unexpected local condo recovery in the most predictable fashion ? they are working quickly to construct more condos.

Many of the projects that were stalled just five or six years ago, are part of the broad revival that has stimulated the local real estate market. As a result, the new condo towers are expected to create a construction boom along the eastern seaboard of southeast Florida.

It appears as though the Miami area is one of only a handful of surging mechanisms that is reviving the Miami condo real estate market. There are only a few communities around the country that have seen a rebound in the residential properties available for sale. Like the Miami area, their supply of condos is shrinking as the demand continually rises.

In early 2013, home prices nationally had significantly jumped much higher than the same quarter just a year previous. In comparison, the Miami area seems to fare much better than the rest of the country. Nationally, these numbers were up over 9%, while the Miami area experienced a rise over 10%.

Miami Condo Sales from Abroad

It appears as though buyers from foreign markets are scooping up the deals from developers. Because of this, many real estate owners hoping to liquidate their condos have capitalized on this unexpected demand.

Over the last 24 months, well over a dozen new condominium projects have been slated for construction in the Miami area. However, at this point it is not all that certain that every project will be built or completed. Local developers believe that the Miami area is riding the cusp of the next construction boom. It is their wish that this next boom will be more controlled than the last.

Today Miami real estate market as well as southeast Florida is looking healthier than ever. Although, developers are also recognizing the immediate need for developing high-end condos as well as retail shopping all along the coastline of southeast Florida.

There seems to be a change in the competitive real estate market happening in Miami in the surrounding area. As many more investors, retirees and individuals looking for second homes are coming to the Miami area. The future looks bright for Miami luxury condo market.

Source: http://blog.sunnyislesmiamirealestate.com/2013/07/07/the-condo-market-in-the-miami-area-is-on-a-rebound/

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