June 1, 2016
In recent international news covering the Panama Papers, the Miami real estate market has been portrayed as being largely dominated by luxury condominiums owned by foreign buyers living elsewhere. However, during this real estate cycle, developers have catered to actual residents, or "end users", who will spend much of their time in South Florida.
In downtown Miami, 85 percent of the 3,438 upcoming residential units are currently pre-sold, while 94 percent of the existing condos in downtown are occupied by full-time residents. During the 2008 real estate bust, downtown was the epicentre of over-development, but developers have learned from their past mistakes. This has led to greater market stability today.
South Florida developers have also created environments appealing to buyers. Amenities offered at these new condominium developments are world-class, and South Florida's cultural, entertainment and infrastructure offerings are rapidly expanding. These new projects are being designed to create a sense of community, which attracts condo end users. For example, each condominium at ultra-exclusive Glass in South Beach was purchased by an end user, and this phenomenon is not rare in today's market. South Florida is a great place to live, and buyers have taken note.
For the most comprehensive knowledge on the South Florida real estate market, contact Niki Higgins at +1-954-817-2500 or +1-888-242-4422.
Source: Miami Herald
