Miami Condos Continue To Be The Top Choice For Residential Property Options In South Florida
As we move closer to 2012, we find that the real estate market of Miami is constantly finding ways to improve its streak by expanding on its residential property sales every single day. According to recent reports coming from the Miami Association of Realtors, September’s statistics have been somewhat record-breaking due to the fact that residential property sales are literally going through the roof.
In the Miami condo market alone, almost 70 percent of the condo units available in the city have already been purchased. In the event that the condo market continues with this amazing streak, it would only take less than 2 years before all of the condo properties that were built in the last real estate boom end up being purchased by the incredible number of interested buyers and investors today.
One of the most successful condo projects in Miami today is the Trump Towers as it now has only 75 condo units left for sale. Trump Towers originally had 813 condo units up for grabs but is now on the verge of its inventory running out many thanks to foreign buyers who are willing to pay cash upfront. Now, due to this jaw-dropping sales record, Sunny Isles Beach is now among the top residential locations in Miami and the people of the city are planning to keep it that way.
But that does not mean that Sunny Isles is the only neighborhood in Miami that has its share of success in terms of residential property sales. If Sunny Isles Beach has the Trump Towers to thank, downtown Miami has Icon Brickell as it is now one of the top-selling Miami condos. From 1,800 condo units available up for grabs, they only have less than 30 condo units left available today which is a huge breather for Icon Brickell as it was once plagued by financial issues.
Some experts believe that it may still take three years before all of the condo units around Miami will run out. However, if more real estate investors from outside the United States decide to invest on luxurious properties that they are willing to pay for in cold cash, it would only take less than the estimated time-frame before the entire inventory would run out.
So, what lies ahead for the real estate market of South Florida? As the year ends, we can expect to find more Miami condos being purchased by countless foreign investors from here on out. Furthermore, we can expect new developments to take place in the entire city. For now, all that real estate experts are really hoping for is that this streak continues for a period that will be long enough to guarantee a grand comeback for the real estate market of Miami and the rest of South Florida.