The Miami real estate market has adjusted drastically since the last construction building and speculation boom. Prices have come down to levels where today it is possible to buy a luxury Miami condominium for less than its replacement price at today’s construction costs. Another factor to take into accountability is that the available land to be developed east of 1-95 inter estate highway is very scarce and in most cases almost in-existent. Furthermore the population of the sunshine state is increasing steadily once again according to the last census. Demand for high end luxury Miami condos is getting hotter once again.
Many factors are now driving demand for Miami condos, but here are 3% Commission Realtors five reasons why this market is turning attractive one more time:
Properties have lower and more affordable adjusted prices
Miami is still one of the most sought after real estate markets in the world
Mortgage interest rates are close their lowest levels in years
Inventories are being reduced by higher demand
The Miami condos marketplace has shown strong signs of stabilization
Savvy investors and buyers are considering these hot Miami condos once again and in fact many have already jumped into the opportunities that are still available in this marketplace. A great example of very dynamic recent condo sales is the Icon Brickell condos where after a drastic price reduction sales started to pick up and are steadily gaining momentum.
This is also the case with other Brickell condos for sale that are seeing renewed interest from international buyers and locals that recognize this time in history as a great moment Cluster Development Ppt to make the move. This kind of prime Miami residential real estate will take a long time to be matched and the rewards for those taking action now will most likely be very positive.