In the past years Miami Real Estate has been "Bombarded" by negative media articles. While “bubble talk” may seem old news for us in the domestic market, the sequels of such massive effort to discredit Miami “Manhattanization” are still reaching foreign countries and delaying the stabilization of the real estate market.
The majority of property prices in Miami have not really decreased in price from their original prices and homeowners are still holding record level equity on their homes. The new property prices just reflect a market correction. The market saturation has increased the inventory to historic high levels, which contributed to the market slow down. There is no doubt that the market will absorb this inventory in the next 12-18 months due to the high-volume migration of people to Miami-Dade.
Miami, the “Magic City” has been recently named on of the top ten cities of the future and by 2010, Miami is expected to have one of the largest skylines in the world.
Just like when the stock market goes south, panicking opens opportunity for savvy investors. In Miami’s current real estate marketplace, there are plenty of opportunities. From hard-to-get foreclosures and short-sales, to more accessible and easy to obtain ready-to-occupy defaults and early stage new construction opportunities.
Interest rates are coming down to historic low levels, but the real opportunity is to identify the best value for the right properties in the best locations.
What is going to be left in the aftermath of this real estate correction? A brand new and exciting city with brand new infrastructure, vibrant, urban-friendly Brickell and Downtown area, which will be both business and family friendly. And then the prices will soar. After all, infrastructure is what makes real estate value increase.
Finding buyers for your property in today’s marketplace can be tricky, however a professional, well seasoned Realtor should be able to help you identify and attract clients from current Florida main market feeders, such as Canada, Italy, Spain and UK. These countries are already knowledgeable about Miami and have a currency exchange advantage.
Buyers in today's market place are looking for value, which is not only reflected in the price that they pay for the apartment but also the ability of the property to be rented and produce an income to help carry the expenses. That is the reason why waterfront properties in good locations with easy accessible infrastructure will always represent an attractive investment for second home buyers.
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