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The property market in Miami |
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 The outlook is bright in the United States Sunshine State.
Agents are reporting the first green shoots of recovery in the Sunshine State: continuing increases in sales volume for six months. The market peaked in the second half of 2004 and bottomed out in the second half of 2008. It’s become a buyer’s market. There are low interest rates, a more diverse economy and an influx of money from overseas investors.
Prices are close to the bottom, and they should get a boost when mortgage financing returns this spring.
Miami’s panoramic skyline is now dominated not by construction cranes, but by newly completed glass and concrete residential towers — most of which lie empty and are available at depressed prices.
Second-homers who have foreign currency tend to prefer close proximity to the sand, surf and nightlife of the beaches. Prices in mainland Miami, downtown Miami and the Biscayne Boulevard corridor, as well as Coconut Grove, Coral Gables and South Miami, fell by an average of 37% in 2008; in more expensive areas such as Miami Beach, Surfside, Bal Harbour and Sunny Isle Beach, the price of the average condo fell by 32%.
While Miami residential real estate is focused on condos, Orlando, 200 miles to the north, appeals to British buyers looking for villas within easy reach of Disney World that they can either use themselves or let to holiday-makers. The price of a typical three-bedroom detached house with a pool doubled between 2001 and 2006, reaching $350,000. By summer last year, such properties had dropped to $300,000.
The Orlando market is still soft, but showing signs of life. Sales have increased. The worst is over, prices are stabilising and a resurgence is expected.
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posted by World Property
on Thursday, April 16, 2009 @ 08:04:36 MST
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