Miami Luxury Homes Continue To Be The Top Choice Of Foreign Buyers As Of September 2011 Statistics

25 October 2011

The Miami real estate market has shown tremendous improvements over the years after its noticeable downfall in the housing and condo market since 2006. But this year has been a different story as more and more properties are being purchased by numerous investors and buyers all over the globe.

One of the reasons the Miami luxury home market has been successful for the past few years is because of the continuous purchases being initiated by foreign buyers and investors in the housing market. One of the reasons why the Miami real estate market is bouncing back is because of the cash transactions being made by these foreign buyers. We all know the importance of purchasing a condo or home property in cash because it eliminates the need to get a residential property loans.

Because Miami has its share of bank-foreclosed properties, it is quite relieving to know that most of the properties that these foreign investors are purchasing, whether Miami luxury homes or condos are being turned into rental properties. Not only does it eliminate the need to pay any mortgages on the property of choice, but it also makes everything easier for the potential tenants to breathe.

According to the Miami Association of Realtors, September of 2011 has been one of the great months for the real estate market of Miami as it continues to sell what is left of the properties that have been developed during the recent real estate boom of 2003 to 2008. The Miami Metropolitan Statistical Area reported that compared to September 2010’s sales statistics, this year showed the most progress as it rose up to 46 percent.

Now that we are only a few months away from the New Year, there have been a lot of speculations about the Miami real estate market looking to develop new Miami luxury homes in certain places in Miami-Dade County to compensate the inventory of Miami which is currently running low. Also, now that the Miami real estate market has finally found stability in terms of residential property sales, it would only be a matter of time before we see new residential properties (even neighborhoods) all over Miami.

It would not be a surprise if the Miami luxury home property market would be one of the first to be developed in the coming years because of its growing popularity in the worldwide market. So, what does this mean for the Miami real estate market? MSA only hopes that the market would soon bounce back from its losses and actually gain more profit in the real estate market developments.

Joan Vonnegut
Miami Luxury Homes