It‘s always good to hear positive news about your neighbourhood. According to the last Case-Shiller Home Price Indices, which was published on the 24th of April, prices have risen in South Florida as opposed to most of the country that is still seeing declining prices. The rise in percentage is 0.6% real estate prices in the Miami area and it makes Miami one of only 5 cities in the US to see a positive growth as of this year. Leading the growth is Phoenix with 1.2% rise in real estate prices, but the worst decline in prices can be seen in Atlanta GA.
Confidence in the market growing
Ethelbert Bascom the CEO of Florida Home Sales and Investments says that it‘s clearly visible that there is more belief in the market and people feel like they‘re finally getting out of the real estate crisis here in Florida. „Prices are getting higher, at least the listing prices,“ says Bascom and says that condo sales in Miami are rising and that the prices have gone up quite a bit. „It looks like we saw the bottom of the crisis in 2011, and there is a lot of people checking out the market right now.“
Condos on the rise
„We‘re seeing a lot of interest in many of the newer condo buildings in Miami“ says Bascom, who claims that the fact that Florida is recuperating better than most might be due to the second home market that has always been a big clientbase in Florida. „In many cities the overall growth of the community is vitally important to the wellbeing of the real estate market. But here in Miami, we have both the second home buyers, who are not as dependent on the overall prosperity of the community and then the retirees, who come here for the warm weather, and are also not dependent on variety of jobs in the area. Both of these groups are mostly investing in condos in Miami.“
Real estate near Marlin Park not picking up yet
Another fact that might be explained by the special market situation of Miami is the area around the new baseball stadium Marlin Park. The area close to the famous Littla Havana area was predicted to pick up considerably as a result of the Park, but yet it hasn‘t. „Marlin Park will ultimately appeal mostly to local residents, not necessarily the second home buyers,“ says Bascom, who thinks that is the reason why sales in the area haven‘t picked up as much as people had hoped for. „Here we have other factors as well - factors like jobs, schools, services and other things that are important to a local resident who is both living and working in the area. This is quite an old area as well, and many properties in need of renovation. However, I believe that the Marlin Park will increase interest in this area making it eventually popular, but it will take more time.“
Confidence in the market growing
Ethelbert Bascom the CEO of Florida Home Sales and Investments says that it‘s clearly visible that there is more belief in the market and people feel like they‘re finally getting out of the real estate crisis here in Florida. „Prices are getting higher, at least the listing prices,“ says Bascom and says that condo sales in Miami are rising and that the prices have gone up quite a bit. „It looks like we saw the bottom of the crisis in 2011, and there is a lot of people checking out the market right now.“
Condos on the rise
„We‘re seeing a lot of interest in many of the newer condo buildings in Miami“ says Bascom, who claims that the fact that Florida is recuperating better than most might be due to the second home market that has always been a big clientbase in Florida. „In many cities the overall growth of the community is vitally important to the wellbeing of the real estate market. But here in Miami, we have both the second home buyers, who are not as dependent on the overall prosperity of the community and then the retirees, who come here for the warm weather, and are also not dependent on variety of jobs in the area. Both of these groups are mostly investing in condos in Miami.“
Real estate near Marlin Park not picking up yet
Another fact that might be explained by the special market situation of Miami is the area around the new baseball stadium Marlin Park. The area close to the famous Littla Havana area was predicted to pick up considerably as a result of the Park, but yet it hasn‘t. „Marlin Park will ultimately appeal mostly to local residents, not necessarily the second home buyers,“ says Bascom, who thinks that is the reason why sales in the area haven‘t picked up as much as people had hoped for. „Here we have other factors as well - factors like jobs, schools, services and other things that are important to a local resident who is both living and working in the area. This is quite an old area as well, and many properties in need of renovation. However, I believe that the Marlin Park will increase interest in this area making it eventually popular, but it will take more time.“
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