Developers in Miami to Answer Condo Demand
The recent price gains in Miami’s housing market has caused quite a dent on the inventory of available homes in the city. Many residential properties in Miami have shown significant growth compared to the values posted the same quarter from last year.
There are now only a handful of homes from the last market collapse that remains unsold. Many experts are now worried that the inventory of homes, which is expected to only last for a few more months, may not be able to level with the demand. Developers, on the other hand, are responding with more projects in areas around the city.
The recent upturn in demand was mainly attributed to the influx of South American homebuyers. The buyers are looking for specific features and they are more than willing to pay in cash for a Miami property that answers their expectation. Oceanfront views, high-security parking, high ceilings and spacious balconies are now the norm for many upcoming residential towers.
Yet with this recent increase in condo development in Miami, experts are now worried about a bubble forming. Whether it is indeed directed towards another collapse, developers are only concerned with replenishing the current inventory of luxury real estate to level with the outstanding demand for new homes.