Miami attracts foreign buyers in droves. The destination is appealing . It’s easy to get here. From almost anywhere in the world you can be in Miami in just a few hours. The weather is hard to beat. Where else can you be outdoors, poolside and oceanfront, literally year-round? Miami offers an alluring lifestyle … has a diverse population with a mix of cultures and people . Not hard to find common ground here: food, languages, interests. It’s an easy place to fit in… make friends… and feel at home.
35% of property bought in Miami over the past year was purchased by foreign buyers. In 2009, sales of condos equalled the number of single family homes sold. Inventory dropped in 2009. Sales increased in 2009. Foreign investors have a keen eye for condos, and Miami has plenty of condos to go around (with our boom in highrise construction over the past decade). That combination puts Miami smack dab in the middle of the map . Condos are an easy option as a second home or as a vacation home. Opulent, decadent and priced compellingly, Miami’s condos continue to rival single family homes in buyer appeal. 2009 was the year that single family home sales and condo sales (oddly enough) tied in popularity… in Miami.
Many of you may be surprised. It surprised even the most seasoned real estate experts. The inordinately high number of international buyers for Miami real estate played a role, making condo sales rise to the level of single family home sales in 2009. The other major factor that figured in? Price! Prices on single family homes and condos in South Florida are COMPELLING buyers to look seriously at Miami as a destination!
Lifestyle changes dictate what is in ‘vogue’, which is one reason that Miami condos sell like hotcakes now! When you amortize it out, condos (even those that may have a relatively high monthly maintenance cost involved) can be less expensive than up-keeping a house. If you just think in terms of replacing a roof, or the central air conditioning, or refinishing the pool – each are costs the homeowner bears independently. Condo maintenance fees on the other hand cover most major expenses – with a built-in safety net.
If you’re looking to buy or sell real estate in Miami, I’d be pleased to help. Please give me a call at 305 793-1365 or send me a note here.