From being awash in unsold condos and foreclosures, Miami’s Downtown has become a hub of sales activity, putting Miami on the map among the nation’s most active and lucrative housing markets. “Downtown Miami continues to defy national trends in real estate economics,” says Craig Werley of Focus Real Estate Advisors, who conducted a recent study.
Just three years ago, thousands of condo units built in the boom years between 2003 -2008 sat vacant, victims of the financial crisis that gutted the nation’s housing markets. Now, the downtown corridor boasts an occupancy rate of 93%, according to the study.
“If you’re looking for a place to rent in Miami now, you’re going to find that prices are up from where they were a year ago and even month to month. The cost of owning property in Miami’s downtown is also on the rise. Demand is returning to Miami’s battered housing market, especially among foreign buyers.
In terms of the future, with a housing recovery underway, more building is likely in the city center and several projects are already underway. The good news is that it’s not likely that the rush to build is a prelude to another housing crash for Miami since there’s not a lot of outstanding debt tied to the condominium market. According to Alicia Cervera Lamadrid, managing partner of Miami-based Cervera Real Estate, most of the inventory purchased in the past few years has been bought with cash, which makes the market very stable.
Meridian Trust Investments has been making successful real estate deals in the South Florida marketplace with buyers and sellers at all levels for over a decade. Our business continues to grow and flourish despite the challenges the real estate market has experienced. Our clients can consistently count on us to find the best deals, close on those deals and get the property ready to rent or resell.
To learn more about real estate investments, short sales and foreclosures in South Florida, contact us today.
Content Sources: Miami Condo Market on the Mend, www.usnews.com/news/blogs/home-front/2012/03/16/miami-condo-market-on-the-mend