There is always speculation within the real estate community about whether NOW is the right time to buy in Miami Beach. We are here to tell you, this is THE time to buy or sell. Home prices are still down 30% from 2004, and the market is stabilizing so home sellers it is also a prime time to list. Inventory is continually shrinking since foreclosures have gone down and people are sweeping in to get whatever they can in the market. Buyers are literally coming in droves to Miami Beach buying condos and homes at great prices. The international appeal of Miami is enormous and understandable with its world class shopping, gourmet dining, and pristine beaches. We would like to take the opportunity to discuss what is selling and the state of the market.
Distressed properties made up 34% of sales in February according to the National Association of Realtors and investors purchased 64% more homes in 2011 than in 2010. The second home market, which is incredibly large in Miami, is also up 7% in 2011. The median home prices are also up from 2010 for investment homes by $10,000 and vacation homes sales median prices are actually down 19% from 2010, a fact which enables you to get a rock bottom price for your second property. The interest rates are at record lows as well and mortgage rates are similarly low. Multiple offers are becoming commonplace in Miami Beach as people are still trying to get rock bottom prices. In addition, developers are building again. For more information on new projects and purchasing a vacation home, contact us today!
