LUXURY PROPERTIES AND RENTALS, passionate and focused on real estate south florida we show 10 trends in this area to the city of Miami 2016.
- Strong demand for Miami properties continues to generate record sales. Specifically in Miami Dade County selling houses reached 14600 transactions in 2015, surpassing sales of 2014. In June 2015, the Miami market posted its biggest sales of single family homes, 1390, the previous record 1317 was in June 2005. In the first six months of 2015 a total of 8153 existing condos indicating a rate of 16030 transactions for all by 2015. That would rank as the third largest sale in the history of Miami behind the 16409 sales in 2014 were sold and 17142 at the end of 2013.
- Miami is a leading world-class global destination of strong attraction
for both domestic and international buyers and high net worth individuals. In 2015 the prestigious report Knight Frank Wealth Report positioned Miami as the sixth most important city for ultra high net worth individuals. Miami and New York were the only US cities in the top ten of the Wealth Report, this ranking is based on economic activity, quality of life, knowledge, influence, political power, and concentration of high net worth individuals.
- After 4 years of increase, prices were raised but remained prices of 2004. Over the past three years the average sales price had an average annual increase of 13% for single-family homes and 20% for condominiums in 2015, they increased butlow percentages.
- Miami remains affordable compared to other cities and other major global level metropolitan area in the United States. Despite the average increase in prices, the residences of Miami are still more affordable according to the National Association of Realtors 2015 Profile of Home Buying Activity of Internationals Clients.
- Miami is at the top of the US market for international buyers about half of foreign buyers in Florida purchase properties in Miami and Fort Lauderdale according to the 2015 Profile of International Home Buyers by Florida Realtors.
- Historically low rates repayment to the make the State of Florida attractive to local buyers. On 16 December 2015 the Federal Reserve raised interest rates for the first time in about 10 years.
- It is still a seller’s market for single family homes and condominiums a balanced market. At the end of October the sale of single family homes decreased by 4.2% while that of condominiums in creased by7.3%.
- Cash transactions in Miami double the national average, reflecting a strong presence of foreign buyers. Miami Dade specifically 50% of transactions are made in cash while nationally only 22% of home sales are made this way.
- Foreclosures are insignificant in Miami, only 23 percent of all closed residential sale in Miami Dade County have problems including REO (bank-owned properties) and short sales, compared with 345% a year
- Strong demand in the construction of condominiums in Miami. In Miami Dade County they have been built 31 tower swith 615 floors and 3149 units in the east of I-95 since 2011 and continues to develop new luxury buildings.