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International Investors Jumpstart Miami’s Condo Market Upswing

May 21, 2010

P R O P E R T Y   S E A R C H

R E S T I V O – H E C H T M A N    T E A M

view from condoInternational Investors,  taking advantage of Miami Condo Pricing, are boosting condo sales in South Florida.

The Epic in downtown Miami is a prime example.   The Miami Herald reports that Condo Sales are on the rise in Miami, due in large part to international investors pouncing on real estate opportunities in South Florida. “Fueled by overseas buyers, South Florida condo sales soar in South Florida.  International buyers are scooping up property, particularly condos, at relative bargains – a reason why home sales are rising“.  The current real estate market, with opportunity for lucrative overseas investment, is enticing investors, who are in turn the driving force behind the recent upswing in Miami condo sales.

Nicola Schon, an international entrepreneur who owns both Quattro and Sosta (two upscale Italian restaurants in Miami Beach) wanted sweeping water views from his Miami abode … and found them… for $1.8 million in the Epic in downtown Miami/ Brickell… which was a bargain… considering pricing for condo units in the Epic ran close to 25% more during the pre-construction phase,  a few years back.   A number of Schon’s  friends followed suit, investing in condos in  the same building… causing Schon and others to comment that the building is half Italian now.   Casa a Miami…

While condo prices continue to drop, we are near the bottom I think. Condo prices are now down 40-50% below what they were even a few years back, and as a result, condo sales are sky high now in Miami… Condo sales have edged upward, close to 45%  above the level they were at during the first quarter of 2009, according to figures released earlier last week by the Florida Association of Realtors (FAR).  If you are considering buying or selling property in Miami, and need the services of an experienced local Realtor, please give us a call today.   The Restivo Team –  EWM International.

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