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Home Buying Frenzy Takes Hold of Miami

May 20, 2013

After enduring one of the worst housing busts in American history, Miami has rebounded with a vengeance: the city’s real estate market is quickly becoming one of the most active and fast-growing in the United States. The Miami Herald has more on this exciting new development.

“I’m continually overwhelmed by the response when houses come on the market,’’ said Lisa Dority, a RE/Max Advance Realty agent who listed the home. “If a house is priced properly, it goes quite quickly.’’ Since last fall, she said, her listings typically have been selling within the first week.

 

The buying frenzy is reminiscent of the boom days of 2005 and 2006 – except today’s buyers are using cash and heavy equity, not “liar loans’’ boasting inflated income or assets.

 

Rising buyer demand is colliding with a shortage of supply, making the always-emotional experience of buying a home all the more intense. Multiple offers are competing for a scant supply of homes and condominiums for sale. Bidding wars are breaking out. Properties are fetching asking price – and often more. Prices are up double digits year over year and rising at a brisk pace.

Much of this growth is being concentrated on South Florida’s coastal and urban cores, although even suburbs and underdeveloped rural areas are attracting unprecedented attention. Previously blighted inner city regions like Midtown and Wynwood have become the epicenter of this growth, while areas like Downtown Miami and Brickell are slated to host several high-profile luxury condominiums, such as 1000 Museum, Edition, and SLS Brickell.

Needless to say, this rewarding market has much to offer to a wide variety of home buyers. No matter your lifestyle or preference, Metro 1 Properties’ extensive selection of quality Miami Properties sure to have something you’re looking for. To learn more, call us at 305-571-9991.

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