Miami Beach Condo Market | An 8-Year Snapshot
Why 8 years? Originally, I had the idea to research Miami condo trends going a decade back but after researching further, our trends & stats only go back to 2009. I then thought a 5-year study would be adequate to prove the point but it didn’t show the scope of our condo market roller coaster as we exited the blood bath of 2007 through 2009. The bold buyers who stepped in and bought with great leverage around 2009 did exceptionally well with their investment properties as we see below. Additionally, new construction has added to the South Florida condo inventory with several luxury residential developments such as 1 Hotel & Homes, 321 Ocean, Beach House 8, Edition Residences, FAENA House, Glass, Marea, and One Ocean now gracing our Atlantic coastline.
While the average homeowner trades their property every 7 years, it’s more like every 2 to 3 years in Miami.
MIAMI BEACH CONDOS (2009 to 2017)
Ample inventory, limited buyer pool – these are the fundamentals of supply & demand and our current condo market is living proof of what it means to be in a strong buyers market. An article from Forbes this week interviews Mr. Defortuna in which he states that EIGHTY percent of buyers at Brickell City Centre are foreign. This is typical in Miami as global investors trade condos like New York trades stocks. And because of the strong U.S. dollar, many of our International buyers are simply waiting.
“This is about 80 percent foreign owned, I’d say, about half of them live here year round.” – Walter DeFortuna, CEO of Fortune
So what’s the conclusion, my friends?
Continued Miami Beach Condo Deals.
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