In the past years Miami Real Estate has been "Bombarded" by negative media articles. While it may seem old news for us in the local market, the sequels of such massive effort to discredit Miami real estate are still reaching foreign countries.
The majority of property prices in Miami have not really decreased in price from their original prices and homeowners are still holding record level equity on their homes. The new property prices just reflect a market correction. The market saturation has increased the inventory to historic high levels, which contributed to the market slow down. There is no doubt that the market will absorb this inventory in the next 12-18 months.
Miami has been recently named one of the top ten cities of the future and where some people see a problem, others see opportunity.
Just like in the stock market, panicking opens opportunity for others. In Miami's current real estate marketplace, there are plenty of opportunities. From foreclosures to short-sales (that are hard to get to), to more accessible and easy to obtain ready-to-occupy defaults and early stage new construction opportunities.
Interest rates are coming down to historic low levels, but the real opportunity is to identify the best value for the right properties in the best locations.
What is going to be left in the aftermath of this real estate correction? A brand new and exciting city with brand new infrastructure, vibrant, urban-friendly Brickell and Downtown areas, which will be both business and family friendly. And then the prices will soar. After all, infrastructure is what makes real estate value increase.
Finding buyers for your property in today's marketplace can be tricky, however an experienced Realtor should be able to identify and help you market your property to current Florida main market feeders, such as Canada, Italy, Spain and UK. These countries are already knowledgeable about Miami and have a great opportunity due to the currency exchange.
Buyers in today's market place are looking for value, which is not only reflected in the price that they pay for the apartment but also the ability of the property to be rented and produce an income to help carry the expenses. That is the reason why waterfront properties in good locations with easy accessible infrastructure will always represent an attractive investment for second home buyers.
Gustavo Farfan is a real estate professional with Marka-Tech Associates. He has over 15 years of experience in Residential Real Estate in Miami. He can be reach for comments via e-mail gfarfan1@aol.com or at this number 786-200-8700
Miami Market Trends
By Gustavo Farfan
gfarfan1@aol.com
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