Miami Boom Emerged After Condo Supply Crunch
The shortage of condominiums is slowly starting to become history as more builders are adding new inventory. Investors who didn’t had the chance to grab a Miami property can look forward to some hot properties soon to rise in the real estate nexus. And with the battle with tight supply and demand surge, prices are expected to reach new highs in the years to come.
During the height of real estate, in 2001 and 2005, several condos were built in Miami, which fueled the real estate bubble. After the burst, the supply shot past the demand. Now that the city’s market is starting its steady pace to recovery, only a few of those properties left unsold after the collapse remain unsold, driving up prices. There is simply no end in sight for the boom once again experienced in Miami.
There is no best time than today to look at Miami real estate. Condos are offering new luxury amenities, driven by the demand of foreign investors. Prices are also soaring, making these properties a good investment for people looking to expand their portfolios. Those who are opting out will surely regret the opportunities offered at the current atmosphere of the city’s housing market.