| Miami Real Estate Market |
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The Florida real estate market is on an upward swing, and the Miami area market is certainly no exception. With strong economic growth, jobs, and schools, it’s a prime growing location. City life, with great beach access, make it attractive to both newcomers to the area. The city itself is also steaming with culture, and more is coming. Miami is home to the Performing Arts Center and the Design Art District. Of course, it’s also home to the Miami Heat. Miami is a favorite of both tourists and retirees as well, only adding to the growth potential of both real estate and the employment markets. Experts expect the south Florida
area, including Miami, to double within the next ten years. CNN calls
it ‘One of the Hottest Zip Codes.’ This makes the market in
Miami an enticing one. There are many current high-rise projects
under way. Prices on pre-construction start at $600 per square
foot, and go up. Condominium resale is currently at $300 per square
foot and up. Anything priced lower will go fast. This area will appreciate over
time, with the expected growth. Pricing in the Miami area is lower
than in other markets, such as LA, New York, or Chicago. This
makes Miami attractive to buyers. Economists at Fiserv Case Shiller
Weiss predict that the Miami market is going to ‘sizzle’, while
west-coast markets such as LA will ‘fizzle’. There is reason
to trust their predictions, as they have a great success rate, with
only a 2 percent error rate. They forecast Miami to go up 13 percent
between 2005 through the first quarter of 2006, making the Miami market
one certainly on the rise. In such a popular area as Miami
there will naturally be a shortage of suitable lots for new condo developments,
and the Miami condo market is now stretching into older neighborhoods
and has reached the suburbs. Downtown Miami has seen a lot of new development
recently. Further expansion down Miami Beach is another extremely lucrative
business for Miami real estate developers since the Miami real estate
market shows no signs of losing the sizzle. Many of the condos
are sold in pre-construction, with prices going up within a few months
of purchase, making it very lucrative for the seller. According to the Miami Herald,
the average time for a property to be on the market in Miami is three
weeks. The average single-family home is priced at $282,000.
According to HouseHunt’s survey, the market currently has more buyers
than sellers, with sellers at 31 percent and buyers at 69 percent. The condo market in Miami is
growing as well. It is targeting both middle-class and higher
income levels. While beach-front properties are extremely expensive,
properties just a few blocks inland can save the buyer money. Miami has a huge financial
district, which only adds to its appeal as the place to be. There
are over 60 commercial banks in the Brickell area, making many term
Miami as ‘The Wall Street of the South” to the financial community.
The downtown area is great for those that prefer the city area to the
beaches. Like the rest of Florida, the 2005 hurricane season has done little to depress the market in Miami. MSN Money states that Miami is one of the markets that continue to grow, while other areas are on the decline around the country. |
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