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In order to more fully understand the Miami real estate market today and better predict its future, you must take the macroeconomic market into consideration. The broader macroeconomic climate has a marked effect on real estate buyers and sellers in a number of key ways.
Miami Beach is known for its swanky homes, million-dollar views, and pristine beaches. Millions of people call this city home, and you might be tempted to invest in a property that's unique to this region's tropical spirit. Introduce yourself to The Perigon, which is an ultra-luxurious condominium complex that's expected to open in the mid-2020s. Spaces are selling fast as people realize how special this property can be as a primary home or a vacation escape. Learn why The Perigon is worth the hype with a look at its core highlights.
Read MoreMiami has long been a desirable location for vacationers and retirees, as well as those who eschew the colder climes of the north. Recently, the Miami area has seen a massive influx of new residents who have relocated to the area for its economic conditions, which has contributed to significant job growth due to the number of new businesses established.
As a result, new homes are being built, and many are ready for new buyers. Miami has a population density of more than 13,200 people per square mile, and that number continues to grow, so there's always a demand for housing. Tax incentives for both investors and potential residents appeal to many who envy the warm climate and relaxed lifestyle that Miami embodies.
When looking at real estate today, there’s no denying it’s a seller’s market. It’s no wonder, with so many people changing their living situations to adapt to the changes of COVID. Properties are getting eaten up like hotcakes, and that’s driving supply down. With fewer homes for sale, buyers must compete for what is available. Moreover, while not at their recent lows anymore, interest rates are still low, giving buyers the opportunity to take out larger loans to afford more expensive homes.
Read MoreThe Miami housing market reflects the national real estate trends; it has rapidly rising home prices that approach near record levels. Like real estate companies in Miami and other big cities, Miami real estate businesses work with soaring prices, high demand, and short supplies. The factors driving the rapid rise in prices include favorable mortgage interest rates, fewer new homes, and the impact of Covid-19 on the economy.
Read MoreWith the new addition of St. Regis Miami in Brickell, Downtown Miami is about to enter into a new era of sophistication. The St. Regis Brickell will honor St. Regis’ legacy and heritage, but will offer modern luxury and unstinting attention to detail that is the hallmark of the brand. We expect it to be the finest luxury condo in Miami when completed in 2025.
Read MoreThere is no shortage of fabulous condos for sale in Miami. With so many premium options, it can be challenging to find the best option for your needs. Here is a look at some of the most popular new construction condos in Miami and how they compare to each other.
Read MoreWith its seemingly endless supply of sunshine, 825 miles of accessible beaches from 1,200 miles of coastline, and lack of state income tax, it's no secret why Florida has been one of the fastest-growing states in the country for decades.
High levels of demand allow businesses to command higher prices for their goods and services, inflating Florida's cost of living. Florida's overall cost of living is 2.8% above the U.S. average; housing costs in the Sunshine State cost 2.6% more than on the national level.
Average home prices throughout Florida have increased substantially since May 2020 thanks to three central factors:
Absorption rates in real estate refer to the percentage of available real properties sold within a certain time frame. We can use absorption rates to evaluate the health of the market and to estimate the length of time properties will sit in inventory.
The higher the absorption rate, the faster homes in the market will sell. An absorption rate above 20% is a seller’s market, and one below 15% is a buyer’s market.
Welcome to Miami! Now is the time to invest in real estate in this unforgettable tropical paradise. Here at Manhattan Miami Real Estate, we are the experts in homes for sale in Miami.
Residential areas that are trending keep popping up all over the place. New homes are being constructed west of US1. Considering the price tag of homes to the east of US1, these homes are a bargain. Furthermore, some areas that weren't initially on the map are exploding in popularity. Simply put, insider knowledge is required to successfully navigate the Miami market.
Traditional hotspots, such as Coral Gables, Pinecrest, and Coconut Grove continue to perform well. Others that are on our radar include:
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