Over 250 area realtors, chamber members, and influencers, convened at the W Hotel and Residences for its’ annual luncheon last Friday. The mood was markedly different than last year, since Miami has witnessed an increase in home values for the 9th consecutive month in August. While last years sales were largely distressed properties, this year the luxury market reigned supreme with the help of shrinking inventory of distressed properties and continued demand by international buyers. One in every three international transactions in the state of Florida took place in the metro Miami area, and Florida is the number 1 state in the nation for foreign buyers.
The steady demand of international buyers has also bolstered new developments in Miami as well. The Related Group, leaders in luxury developments, with projects under their belt such as Icon Brickell, have announced several new projects including the impressive Icon Bay. Builder confidence has increased and the lack of inventory and continued demand has hastened a number of new projects. The downtown Miami area has also undergone huge changes with investments in the Port of Miami, Marlins Park, and in the Design District. Many feel that Miami is coming into its’ own thanks to new museums and the influence of Art Basel. The Miami brand is on the rise, and everybody is buying this revitalized image.