The property market in Miami is picking up considerably. Realtors have been seeing more action on their listings and there is clearly an increased interest in the residential Miami market. Not only are there positive signs of individuals willing to invest again in the Miami market, but lenders - both local, national and international - are now bringing in their money, resulting in a better climate for real estate in the area.
New condos in Miami
According to the Miami Herald there are at least 24 new condo towers being planned, most of which have been financed in the last 6 months. The majority of these new condo projects are funded by lending money from various banks. This is good news on many levels for the Miami area. A big financial input into the real estate market will kick-start a more apparent sign of recession recovery in the area, and once again construction workers will be enjoying full time employment after a hard hit. This is clearly a sign of the market getting back to normal after the financial meltdown in 2007.
Some of the lending money is signed for the new condo buildings, but contractors are also buying up condos in Miami in bulk, banking on the area coming back to its former prosperity.
Bankers on the market
With both an increased financial input through lenders on the market, the regular buyer is also on the move. What has changed, however, is that the foreclosures which were the bulk volume of sales in the last two years have been going significantly down, and prices have been rising quite a bit in the regular residential market.
However, there is a wild card on the horizon. According to the Miami Herald a new surge of foreclosures might come again on the market in 2012, if the banks decide to sell the rest of their properties gained through foreclosures. If that happens prices might go down a bit until the surge dries up.
Still a buyers’ market
Until now, foreclosures have dominated the market in the last 3 years. Investors and bulk buyers have been trying to get properties for a fraction of their regular price and with many distressed properties on the market it has been a buyers’ market. But this might be slightly changing, and realtors are seeing less and less “killer deals” on the market, resulting in a shortage of foreclosure listings. This situation has also been the driving force in higher prices, since the demand has outdone the supply. Sellers are seeing the opportunity with the rising prices, although the South Florida home sales market is still very much a buyer’s market.
New condos in Miami
According to the Miami Herald there are at least 24 new condo towers being planned, most of which have been financed in the last 6 months. The majority of these new condo projects are funded by lending money from various banks. This is good news on many levels for the Miami area. A big financial input into the real estate market will kick-start a more apparent sign of recession recovery in the area, and once again construction workers will be enjoying full time employment after a hard hit. This is clearly a sign of the market getting back to normal after the financial meltdown in 2007.
Some of the lending money is signed for the new condo buildings, but contractors are also buying up condos in Miami in bulk, banking on the area coming back to its former prosperity.
Bankers on the market
With both an increased financial input through lenders on the market, the regular buyer is also on the move. What has changed, however, is that the foreclosures which were the bulk volume of sales in the last two years have been going significantly down, and prices have been rising quite a bit in the regular residential market.
However, there is a wild card on the horizon. According to the Miami Herald a new surge of foreclosures might come again on the market in 2012, if the banks decide to sell the rest of their properties gained through foreclosures. If that happens prices might go down a bit until the surge dries up.
Still a buyers’ market
Until now, foreclosures have dominated the market in the last 3 years. Investors and bulk buyers have been trying to get properties for a fraction of their regular price and with many distressed properties on the market it has been a buyers’ market. But this might be slightly changing, and realtors are seeing less and less “killer deals” on the market, resulting in a shortage of foreclosure listings. This situation has also been the driving force in higher prices, since the demand has outdone the supply. Sellers are seeing the opportunity with the rising prices, although the South Florida home sales market is still very much a buyer’s market.
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