January 18, 2013
Miami’s real estate market has been regaining a lot of strength over the past year, as people from all over the world are pouring in to make the most of the city’s world-class living opportunities. Much of this boom is being driven by Miami Properties along the coast, which are particularly desirable due to their proximity to the city’s world-famous beaches and resorts. As the Miami Herald reports:
The median price of a residence in coastal areas of Miami jumped 27.3 percent in the fourth quarter of 2012 to $210,000 from a year earlier, according to a report by Douglas Elliman Real Estate.
The volume of sales rose 14 percent to 5,206 in the latest quarter from a year earlier, even though the inventory of available properties for sale plunged 17.6 percent, the real estate firm said.
Elliman said distressed sales, including short sales and sales of bank-owned properties, made up 40.2 percent of transactions in the latest period, the lowest level in three years.
Jonathan Miller, president and CEO of Miller Samuel Inc., a real estate appraisal and consulting firm, who prepared the study, said foreign demand for Miami real estate remains robust. “Miami has gone from the poster child for distressed sales to a global safe-haven where people want to invest,’’ Miller said.
In other words, growth in these properties is increasingly gaining momentum, relying less on distressed sales while gaining more in capital from around the world. It is for this reason that many analysts report positive growth projections for the foreseeable future.
The report goes on to note that these coastal communities – which included Miami-Beach, Coconut Grove, and Wynwood Real Estate – are leading every other region in Miami-Dade County, including the otherwise popular western suburbs. This is an ideal time for buyers and sellers alike to make the most of Miami’s dynamic real estate opportunities. To learn more, contact Metro 1 Properties, the leading provider of Miami real estate.