It isn’t news that Miami Beach Homes are a hot item for buyers and investors across the globe. But this ever-popular market is only getting hotter and bigger as the years go by, with exponential opportunities for those seeking the best that real estate has to offer.
A recent report in The Real Deal makes clear what amazing and rewarding properties are in store for savvy buyers and investors.
In Miami Beach, developers have announced plans to develop 36 new condo towers with more than 1,760 units as of Monday, according to the data. Overall, developers have announced 346 new condo towers with nearly 44,000 units east of I-95 in South Florida. Aside from the preconstruction units announced for Miami Beach, nearly 1,250 South Beach condo units are currently for sale at an average asking price of more than $855 per square foot as of Monday, according to the Southeast Florida MLXchange. In the first quarter of 2015, buyers purchased less than 300 South Beach condo units at an average price of $725 per square foot.
South Beach Condos in particular are looking very bullish: during the same January through March period in 2014, buyers purchased nearly 350 condos there, at an average price of $575 per square foot. Taking into account the sales pace of this year, which is less than 100 unit transactions monthly, that means that South Beach alone has a 12.6-month supply of units listed for re-sale.
Note that a balanced condo market generally has about six months of supply; more than that suggests a buyer’s market, while less is best for sellers. Buyers and investors have a lot to gain from the rich and growing selection of inventory available in the beaches, although sellers can stand to gain a lot too, if their employ the right expertise.
Mirko Bisazza has years of experience connecting international clients with all that Miami and South Beach have to offer. To maximize your gains as a seller, buyer, or investor, turn to his innovative and results-driven service.
To learn more, contact him at +1-305-721-4893 or MB@bisazzarealestate.com.