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Investment

Is it the right time to invest in Real estate in Miami?

August 24, 2017
time to invest in Miami

Miami Real Estate is becoming a buyer’s Market

Of the top 10 residential sales in South Florida, all of which were single-family homes, 7 (including the top 3 spots) were in Palm Beach County.  The remaining 3 were in Miami-Dade, cutting out Broward altogether.   The winner was 1695 North Ocean Way in Palm Beach that sold for $43.7 million.  The spec mansion was originally listed at $55 million in January and sold in March to hedge funder, Kenneth G. Tropin, for a significant reduction.

Many luxury listings are now selling for a fraction of their original listing price.  With a large inventory, including new construction, sellers are being forced to be realistic in their pricing and a buyer’s market is emerging, especially in the condo sector.  For instance, on Miami Beach the number of days a luxury condo spent on the market has moved from 62 to 171 in the last year.

Many factors have contributed to the leveling off of the market.  Foreign currencies continued to decline next to the dollar, the Zika scare, lots of media about sea level rise and finally, the election. But, overall, prices have actually increased.  In fact, prices for the mid-market sector saw record growth rocketing 27% over last year. Don’t forget that a thousand people a day move to Florida.  In Miami-Dade, the median price for a single-family home rose to $305,000 up 9.5% and condos rose 1.3% to $210,000. Prices for single family homes have risen for 61 consecutive months.

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Investing in Preconstruction projects in Miami ? A good investment opportunity?

August 15, 2017
preconstruction Monad Terrace in miami

Investing in New Developments and Pre-construction projects in Miami.

This is a great opportunity to save up to 30% of what the finished product will cost. Essentially, since construction of the building is being funded with purchaser deposits instead of a bank loan, the savings in financing costs are being passed down to the buyer.

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Real Estate Market Study in 2017

July 2, 2017
aside

“People think of Little Havana because of a price perception: They’re thinking that land is cheaper there right now and that it will eventually get up to Brickell’s levels,” Rosso said. “But Brickell has a lot more to offer than Little Havana and will continue to be a very desirable place. Anything that is on the sand or the ocean will always maintain its value and continue to go up.”

Rosso points out that when new luxury towers south of Fifth Street on South Beach went on the market 10 years ago, they sold at square-foot prices ranging from $500 (Icon) to $800 (Apogee).

“Today, those units are trading for $3,000 per square foot,” Rosso said. “Even I’ve been surprised at how much they’ve gone up in value over the long run.”

Read more here:Miami Herald 2017 Poll

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