Miami condos for sale
Miami Condos for Sale
There has been an increase in Miami Condos for sale this year, market reports have shown, with Europeans and Americans from the northeast looking to get in on the city’s sleek new luxury condos. So now is the time to buy to get the best deals on Condos in Miami. One Thousand Museum has the best offers right now in the luxury condo, luxury penthouse market and has many condos for sale in the pre construction process.
Miami Brokers and Developers confirmed that activity is rising on Miami Condos for sale, but because of the city’s recent building boom, there is a large supply of new product on the market or in the immediate pipeline. Absorption rates are inching up, meaning homes are selling faster, but experts say there’s about another 8 months to get a good deal on a seaside escape or a downtown Miami condo.
“It’s still very much a buyers’ market,” according to Ryan Shear, principal of Property Markets Group, a development company behind several projects in Miami. “We’re hopefully starting to see that shift, but there’s so much built supply.”
Condo Sales in Miami were up 3.6% year-over-year in July, according to an August report from the Miami Association of Realtors. In addition, existing condo transactions rose 8.2% year-over-year.
Miami Condo Sales Surge
On the luxury side, defined as homes valued at $1 million or more, sales rose 21.5% in June compared to the previous year, according to an earlier report from the Miami Association of Realtors, released in July. High-end condo sales were up 28% year over year.
South American buyers were investing heavily in the city, but political tensions and currency changes in countries like Venezuela and Brazil have slowed sales from that region, he said. The dollar is very strong right now, Mr. Shear added, and the difference in currency makes investing more difficult for some.
South Americans still make up a large percentage of Miami buyers, one of the areas where we get the most Condo buyers from is Sao Paulo , Brazil. However, buyers from England, London, Eastern Europe, France, China and Turkey are picking up the slack from less south American buyers, according to David Arditi, principal of Aria Development Group.
Miami brokers have also seen increased interest from condo buyers in New York, New Jersey, Greenwich , Los Angeles and Connecticut, where property taxes are high. With state and local tax deductions now capped at $10,000, many North Easterners are exploring options in less expensive areas.
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