Foreign Buyers & Investors – A New Miami Condo Boom Is On Its Way
Almost a decade ago, tons of condos were developed in Miami to make way for the thousands of interested investors all over the country and while different festivities are being held in the city. This year, however, we can say that almost all of these condo properties are finally losing its number and it is about time to recreate a new series of developments to make way for the ever-growing demand for condo properties.
This time however, when you compare it to the prior real estate boom, you can say that these purchases that were once being bought off with the help of lenders are now being paid by cold cash. Some even speculate that this is the biggest comeback in Miami’s real estate history. The most interesting part of all it is this was done with the help of foreign investors and buyers.
As of March 2011, the total purchases made by foreign buyers were estimated to a total of $82 Billion, compared to 2010’s $66 Billion. These purchases were believed to be purchased by both recent immigrants to non-American citizens – giving the real estate market of the whole United States revenue of about $1.07 trillion with home property sales.
With many of Miami’s investors and buyers being from foreign lands like Colombia and Brazil – our Latin American neighbors – it is no doubt that Miami’s economy is bustling back like no other. Because think about it, with very high costs of living in Latin America – you would not be surprised if they choose the United States’ weakening dollar rate, hence, a very affordable place to live in.
It is no wonder that of all the States in the country, Florida has accumulated the most sales in its real estate market thanks to Miami. 54% of increase in just a span of months is a very big margin especially now that more foreign buyers are looking into great home options.
All in all, it is only a matter of time before Miami starts redeveloping luxury condo properties and home properties as well if this keeps pushing through – expect more properties to be developed next year until 2015 which will hopefully bring the balance back in the real estate economy.