Miami Real Estate Market Has Finally Achieved Economic Stability In 2011 According To 3Q Results
Everything is really looking good this time around for the real estate market of Miami as 2011 is the year in which the Magic City has magically been able to stabilize the local market economy to a certain degree. According to the new housing market report, Miami’s third quarter has shown yet another success in the residential property sales department.
Compared to last year’s third quarter statistics, the results this year are a bit higher by 217 home sales which most real estate experts believe to be a sign of stability. Over the past several years, Miami has been plagued by thousands of foreclosures, leaving hordes of people to either suffer from lawsuits, or even bankruptcy.
Despite the troubling times, the local real estate market has found a way to push forward and today, Miami is one of the most preferred places of occupancy in the whole country. Even foreign buyers and investors from different countries have taken a huge interest in the local real estate market. In fact, the most of the new condo residents and homeowners are foreigners and, because of the city’s worldwide popularity, Miami has truly become one of the best places in the world to live in.
For some real estate experts, the secret to Miami’s housing market was purely coincidental because of the global recession and the weakening US dollar. It has also been known that a lot of foreigners have actually found living in the United States to be cheaper than their home country. Brazil is one of the countries that have a high foreign exchange rate against the U.S Dollar, giving many Brazilians access to a life of luxury in the land of the free.
Almost 80 percent of the residential properties in the region are purchased by Brazilians and this is one of the reasons why the Miami real estate market has been able to bounce back from its losses. Oh, and the best part of all these residential purchases is the fact that most of them are being paid in cash which means that there are no more mortgages to worry about.
Because of Miami’s continually growing success in the residential property market, it will only be a matter of time before new developments set the path to replenish the property inventory with newer ones. As long as there are potential investors and buyers choosing Miami as their top place of investment, it will be one of the few states in the country that will continue to be among the most successful in the world of real estate.
Miami Real Estate