For the last several years, I’ve told you about how foreign investors have been flooding the US housing market, mostly attracted by our exchange rate as well as the incredible properties they can own for such a great price here.
But there’s no other city that has even touched the level of attention that Miami has received from these investors. It’s certainly remained a hot market for foreign investment.
Why Miami Is The Place to Be
What makes Miami’s market so active? For one, this world-renowned city is currently undergoing a bit of a condo construction boom, with luxury developments popping up everywhere!
And who’s behind that development? You guessed it: Investors from across Europe as well as Latin America and Asia.
In fact, according to the Miami Downtown Development Authority, 90 percent of sales were international in downtown Miami recently.
Still, it is worth noting that, according to the Miami Association of Realtors, June existing condo sales were down 3.8 percent from last year.
Who Could Blame These International Buyers, Either?
After all, Miami is an incredible place to live. Imagine living in an internationally-acclaimed city where you can revel in the cultures of dozens of nations, all on the same block! Here you can sunbathe at one of our pristine beaches or simply enjoy sweeping views of the waterfront from your high-rise condo.
What’s more, this city has a bustling local economy, which means you’ll have access to a steady jobs market.
And thanks to its location, you’re just a short distance from a number of popular and unique restaurants and boutiques. And a cruise to the Caribbean or a flight to Central America is exceptionally easy thanks to Miami’s waterfront location.
If there was ever an ideal place to call home, it would be Miami!
What This Means for You as a Local South Florida Buyer
This could result in a multiple offers situation or worse – being priced out of the condo you want to purchase outright.
That’s why it’s paramount to work with an experienced South Florida real estate expert like me if you want to enjoy a successful outcome on the local housing market.
Here’s Where I Can Help!
So contact me, Scott Patterson, today for help navigating the Miami and South Florida real estate markets.
I have years of experience helping buyers just like you and I would be more than happy to assist you by providing valuable resources and straight-forward advice.
Until next time,