Miami Luxury Real Estate Prices Are Going Down in 2017
Luxury real estate market is on the movie this year and new rules and new buyers are revitalizing the Miami luxury real estate market.
According to Inman, “Elsewhere in the nation at this time there is also a robust market, for example, in Miami. Of course, waterfront real estate enjoys consistent popularity, but now non-beachside mansions are equally attracting the eye of the luxury buyer.”
“We have more luxury inventory than we’ve ever had in our history,” said Ron Shuffield, president and CEO of EWM Realty International. “And sales are as low as they’ve been for several years.”
2017 is going to be a dynamic year for the luxury real estate market thanks to new mortgages, foreign buyers, historical growth, and the post-election period. Miami’s real estate market may have cooled down a bit in the past year, but it is prepared for long-term success and sustainability according to the Miami Herald, “Miami is an international playground. Much of our real estate — especially luxury real estate — is acquired with foreign money. Challenges abroad and a strong dollar are making it difficult for that foreign money to buy Miami real estate, and we are seeing the result in a slowing market and a rapidly atrophying luxury condo market.”
Inman reports that the luxury real estate market in Miami is already experiencing an increase in activity. Any past challenges have resulted in a much more balanced market.
“The market is not weak or in tailspin,” said Jay Parker, CEO of Douglas Elliman’s Florida brokerage. “What we’re seeing are price adjustments by sellers to account for the explosive growth we’ve experienced since the last recession. The increased inventory is helping us to bring those sellers to a point of acceptance. … It’s a buyer’s market.”
Why are Miami trust deed investments so lucrative?
There is so much potential in Miami because of job growth with thousands of jobs being added to the market. Also the Miami real estate market brings residents from across the world and has become a hub for small businesses. This continues to drive up the prices of real estate in South Florida.
According to Stephen Nostrand of NAI, “Being a global port differentiates us from a lot of major cities in the United States. We have invested here to allow the Panama ships to come in. Now we are seeing a growth in global shipments of products from around the world. We also have a huge airport operation here. Miami is a hub, not just connected south to Latin America but east to Europe. Those connections have made this a global Mecca.”