An Update On How The Miami Real Estate Market Is Doing Five Years After The Market’s Big Collapse
Five years have passed since the Miami real estate market hit a crash which essentially caused panic and devastation across the region. Condo development projects took a bad turn, and home properties in many different communities were at a risk of being faced with value depreciation. But all that has changed now, and things are beginning to look sunny for the local real estate market.
In fact, condos and home properties in the region have been experiencing an increase in both price and value marking the first time that such changes heights have been reached since the market hit its crash. Property sales in the region took on such a fast pace that the spike has been counted as a solid indication of better days to come for the local real estate market which has been one of the many across the United States that experienced the toughest times from such a massive collapse.
As far as the average market price for home properties in Miami are concerned, there has been an increase of at least 9.3 percent in the last month while Miami condos took flight with an average of 17.9 percent in the same month.
Sales on home properties in Miami have risen by an impressive 47 percent in the last month while condo sales have gone up by 33 percent. People believe that what the local real estate market is currently experiencing could very well be one of the first shifts into an absolute state of recovery for Miami.
Having been relatively idle for a number of years, people are relieved to see these positive changes taking place on the local real estate market, especially now that there has been a rapid increase in the number of foreign buyers who have been taking their chances on an otherwise unstable market.
Miami has always been a highly sought after location for various reasons which include its world-famous tourist attractions, its influence in the world of entertainment, as well as the great strength which the area is able to host business activities from all over the world.
With such great qualities to Miami, there is no surprise to see how much attention the Florida real estate market is now able to garner over such a short span of time. And despite the past few years being less than pleasant for people involved with the local market, the fact that new hope is shining over Miami is more than enough reason for everyone in the region to look forward to the future. Asia Brickell Condos for sale and for lease.