Tuesday, October 27, 2015

Basic Facts About Miami-Dade Real Estate



This week I am taking a break from the usual Question and Answer session. This week I will drill down to the hardcore question... Why invest in Southeast Florida?  


Development in both commercial and residential real estate in the Miami area is at best described as exploding.


Here are the facts from the Miami/ Dade Board of Realtors.

To summarize:


  • Miami’s cash buyers are double the national average. In Miami, 48% of residential sales are cash transactions.
  • In July, we saw the 2nd highest home sales in history.  
  • Single family home sales increased year over year to 10.2%, condominiums to 3.2%
  • The medium sales price for single- family homes increased nearly 9%, and condos had risen 2.6%.
Also:


Despite continued competition from South Florida’s strong pre-construction market, existing condos registered 6.5 percent sales growth year-over-year.”


Miami-Dade County’s luxury properties saw a rise in median sales prices while total luxury residential listings surged 26.7 percent in the second quarter, according to new data from the MIAMI Association of REALTORS® (MIAMI), the nation’s largest Realtor group with 38,000 members.


There are 30,000 new condo units proposed over the next few years. Many are purchased by both national and international investors. These buyers are required in most purchases to put down a deposit of 50%.

Thinking of purchasing an investment or second home in the Miami/Dade arena? I can be contacted at 786.797.9088.

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