ʮ 2, 2013
Miami is currently enjoying a new condo boom driven by overseas investors wanting to place their money in American real estate. Almost all of the vacant condominiums from the last boom are occupied, and demand is greater than supply.
However, this boom is different from the last. Instead of relying on easy bank loans, international demand has led to cash financing. Buyers are putting down at least 50 percent on new construction in Miami, which means a substantial amount of money would be lost if the deal was abandoned. Developers are also relying on buyers’ deposits to fund construction.
The luxury condo market is especially active. A large percentage of these new construction buyers are foreign. They view real estate investments in Miami to be safer than leaving their cash in unpredictable areas. They are also drawn to the city’s cosmopolitan atmosphere and art. Many of the new exclusive condominium developments have attracted high-profile architects, such as Zaha Hadid at downtown’s One Thousand Museum.
For more information on luxury condos in Miami, contact Niki Higgins at +1-888-242-4422.
Source: The Wall Street Journal
(Pictured: One Thousand Museum)
