The Recovering Real Estate Market of Miami
Miami, a world class vacation spot, continues to attract attention in many areas. It s a tourism driven economy, coupled with global business expansion and population growth is fueling a revival in the real estate market.
Miami, a Global Attraction
Miami, the center of finance, commerce, culture and arts is located on the Atlantic coast in South Florida. It s one of the richest and cleanest cities of the United States, with major Spanish speaking population. Miami has a tropical monsoon climate, with hot summers and warm and dry winters. It s a world class destination for your family vacation, with multiple enticements to suit all ages. It is known as \”America\’s Cleanest City\”, for it s filled with vast green cover, clean drinking water, good quality air and effective recycling programs. It is one of the richest cities of the United States, ranking fifth in its purchasing power.
A Quick Overview of the Real Estate Market in Miami
Real Estate is driven by three major factors, viz., market, cost and income. Miami witnessed a large real estate boom, with skyscrapers steadily rising across the city since 2001. It has one of the most impressive skylines in the US, behind New York and Chicago. Major areas like Downtown, Brickell and Edgewater became fastest growing neighborhoods in the city. However the 2007 market crash caused a lot of foreclosures on houses. It became the most miserable city in the US due to corruption and high foreclosure rate, with residents losing their homes and jobs. But Miami has recovered from the market Downtown and is witnessing robust cash sales spurred by foreign investors. The local residents are yet to recover from the market crash, thus a strong demand for rental properties is boosting the market performance, with foreign investment.
Engaging a Real Estate Agent
A real estate agent can be of great service as he has a better understanding about the real estate scenario. Whatever your needs, commercial, leasing or income property, the agent is an expert, and it makes more financial sense to hire one. It saves a lot of precious time and money, as the agent is working on your behalf and is committed to finding the perfect home for you. They will keep you apprised of the current market conditions to ensure that you get the best deal and the transaction is processed in the most trouble free manner.
Miami, with its finest amenities is an attractive real estate market, which continues to lure buyers from across the world over due to the significant growth that it has witnessed over the past one year. Hire a real estate agent and make your investment hassle free.
Izzy Buholzer is the lead realtor at IBMiami, a team of
Miami Real Estate Agent
providing real estate dealings in Miami and other areas in Florida.