When the housing industry was experiencing a serious downturn everywhere in the country, Miami real estate was defying the trend. At the time that miami’s real estate market began to turn around, people were coming form Russia, Europe, Canada and South America to take part in the opportunity that was being presented to them. The latest thing Miami is seeing is buyers from New York who are also opting to purchase Miami condos on the beach. The owner and founder of Oceanfront Realty, Walter Abolsky has always had many clients from New York, but they have been cautious in the recent past. Now that Miami homes are selling again, New Yorkers are regaining interest in purchasing in the Miami area becauseMiami homes are becoming scarce and the prices are rising as a result.
New Yorkers appeared to be timing miami’s real estate market as they watched prices continue to fall. Around mid-2011, it looked as if Miami real estate hit its lowest point and savvy investors started buying. Those who decided not to do so at that time are paying for their mistake with a 15 to 20 percent increase in what they would have paid had they purchased last year. To keep from having to pay even more, New Yorkers have recently been relocating their homes and businesses to the Miami area so that they can enjoy the fact that Florida doesn’t have an income tax and has homestead protection; a bonus is that they are wallowing in some of the greatest weather in the country.
When real estate was booming in Miami, investors were making an incredible amount of money with their properties and more and more people wanted to become engaged in the industry. This fact caused an upward pressure on housing prices that rose much faster than they did in other areas in the country. This real estate was so popular because of the fact these condominium homes are in such innovative, new amenity-rich buildings in pre-construction right on the ocean. The other reason is that Miami is a favorite of those who do business internationally. Even more buildings are in the pre-construction phase, and the area is in the works to receive a new port that will be larger than the others in the area. The Miami area is becoming the main place for foreigners who are operating their businesses in the United States.
Walter Abolsky has stated that the best is yet to come for real estate in Miami. With the massive home price appreciation that has occurred, Bell believes that it will take much less time for the housing market to improve than the three to seven years she thought it would take. The fact remains that foreigners are the most important part of this market, but New Yorkers will continue to be an important element as well.