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LIVING
Here Comes the Boom!
The Magic City's Real Estate Market is on the rise
Words by Thaddeus Razdow
Miami and south Florida are known for
attracting tourists and sun seekers alike
with its sandy beaches and colorful
architecture. Far from the glorified
retirement-home image we often see in
movies and episodes of Seinfeld or the
Will Smith version of Miami Beach,
Miami has a diverse community of
families, young and older people from
all walks of life, drawn to the "magic
city" for its near-perfect winter weather,
amazing Latin/Caribbean cuisine and
relatively low cost of living. Miami's
population is growing, and a housing
shortage is creating a strong demand,
increasing property values. Potential
home owners and investors interested in
the area may be worried about past
instability in Miami's real estate market,
but current trends point toward growth
and rising values. Now is the perfect
time to get involved in Miami's boom in
the market.
"Miami placed 12th in
overall investment
potential out of
51 major US
markets..."
In 2007, Miami's rental and
condominium market collapsed as a
result of cheap credit and overdevelopment. But in recent years,
Miami's real estate market has made a
drastic upturn. A slow but steady
economic recovery over the last five
years has brought that market back from
the brink --attracting international
attention from potential investors. In a
recent survey conducted by the Urban
Land Institute, Miami placed 12th in
overall investment potential out of 51
major US markets --placing Miami well
above popular destinations like Portland
and Los Angeles. A more detailed look at
that survey places Miami 11th for both
investment and development and 16th
for home building.
Foreign investment and relatively low
inventory has made this a sellers
market. Homes are on the market for
less time and listing prices are rising.
Not only has the median list price
increased 17% from last year, median
price per square foot has risen 14%.
Foreign investors are typically offering
cash and sellers tend to hold out for
cash. Most investors are focusing on the
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