There are so many differing opinions on the current conditions of the Miami Real Estate market. Some are rushing to buy into one of the country’s hottest real estate markets, others feel the comeback is too good to be true.
So which one is it? Who do you believe and what does your gut tell you?
The truth is that fast growth is always scary, especially right after one of the most horrible real estate crashes in history. But there are some facts that can’t be ignored and that has to do with Foreign Nationals trusting and buying into our market. South Americans are rushing to buy in Miami because let’s face it, many see a brighter future here and the return on their investment is secure.
Miami is not just a resort destination, but a global economic spike. The flip side of globalization has been the transformation of a small number of global cities — London, New York, and Hong Kong, for example — into locational hubs for what Chrystia Freeland has dubbed “the global super-elite.” Miami fills an intriguing niche in the global economy, which combines elements of a global economic and financial center and an international resort and second-home destination, with all the growth and unevenness that comes with it.
Miami has become a “go-to” destination with arts and culture (ART BASEL leading that effort), with renowned architects changing our city’s skyline (Herzog and De Meuron, Zaha Hadid, Frank Gehry), not to forget a hub for celebrities, and all of that topped with perfect weather, gorgeous beaches and global connectivity which makes it easy to travel in and out of.
Of course as real estate professionals, we want to make you believe that there is no bubble and there will not be another crash, but not even the most in-tune economists can predict that. The question remains whether or not foreign national investments will be enough to keep our hot market afloat and whether or not the diversity in economic backgrounds will ever start converging in our magnificent city.
I was glad to hear that our colleague, Peter Zalewski agrees with us:
It is impossible to argue decisively for or against the hypothesis of no more real estate boom-and-bust cycles for South Florida given that data necessary to prove or disprove the hypothesis will not be available for several decades.
As your REALTORS we will always make you scrutinize your own personal real estate goals and will give you direct, honest and realistic information. Just because the highest condo sale of $34 Million was just recorded in Miami Beach may not at all be relevant to your own objectives.
South Beach nightclubs are world renown and not just for the dancing. This capture by Chessie (aka Tropicaltrip on Flickr) says it all. Full force Miami scene with lights, sound, skin and more!
….another Miamism !!
** Share your MIAMISMS and we will feature them!! send them to us via email (info@miamism.com), Facebook, Twitter (@ines), or post them on Flickr in the Miamism Group **
There are currently 55 Fisher Island Condos for sale: (12 less than last month)
Highest priced listing: $14,995,000 for an exclusive Oceanside (4 bedrooms / 5.5 bathrooms)
Lowest priced listing: $170,000 for a 1 bedroom / 1 bathroom at Marina Village
Pending Sales: 19 (5 more than last month)
Closed sales in April: 6 (2 more than last month)
The Fisher Island Condos sold in April were the following:
5344 Fisher Island Dr – Bayview at Fisher Island II- Listed for $3.9 Million and selling for $3.75 Million
5331 Fisher Island Dr – Bayview at Fisher Island II – listed for $3.9 Million and selling for $3.4 Million
7912 Fisher Island Dr – Oceanside at Fisher Island – listed for $3.8 Million and selling for $3.3 Million
2443 Fisher Island Dr – Bayside Village – listed for $2.85 Million and selling for $2.25 Million
7922 Fisher Island Dr – Oceanside at Fisher Island – listed for $2.295 Million and selling for $2.195 Million
15714 Fisher Island Dr – Seaside Villas – Foreclosure listed for $425,000 and selling for $435,000
The median sales price in April in Fisher Island was $2.775 Million compared to the median list price of $3.025 Million. We are getting calls asking for a reason in price discrepancy in the Island giving an impression that prices are all over the place. That is NOT the case – prices are based on building, location within the island, condition of residence and most importantly, VIEWS!! Please keep in mind that all units priced under $1 Million will have interior views (garden and street views). We will be more than glad to explain the differences and help you make a decision on what will work best for you.
Talk about a photograph that needs to introduction. Thank you Chuck Wallace (@chuckwallace) for sharing this amazing Miami Beach sunrise on Instagram.
….another Miamism !!
** Share your MIAMISMS and we will feature them!! send them to us via email (info@miamism.com), Facebook, Twitter (@ines), or post them on Flickr in the Miamism Group **
