Wealthy Buyers Contribute To The Increasing Value Of Luxury Real Estate Within Miami
By Selda Kirkan
The market for Miami luxury real estate has always been filled with some of the most
illustrious million dollar property options which are typically the sort of deals which
high-profile individuals tend to seek out. While many feel that the market has been
down for quite a while, there are many reasons to believe that it has gone beyond its
peak as things have progressed well past what people would have expected.
According to real estate experts, the market for luxury real estate within Miami has
made such impressive progress as luxury homes and condos are now being found on
the property market with asking prices that dart way past the usual prices. But prices
are not the only reason that the market has been doing so exceptionally well as even
the range of buyers who are interested in these exclusive property options tend to
make their purchases in cash.
If there is anything that can be said about the current state of the luxury real estate
market within the fabulous tropical region, it would be that the best luxury homes and
condos on today’s property market are evidently going up in value, particularly in the
past few months.
More than a year ago, the inventory supply for Miami luxury condos was quite plenty;
however, much has changed as foreigner property buyers coming from places such as
Brazil, Argentina, Venezuelan, and even Russia have been eager to purchase high-rise
homes spaces within prime locations across the region.
In fact, the market for luxury condos within Miami has been doing significantly better
than it has in previous years as almost 20 percent more sales have been made in 2011
than in 2006 which happens to be recognized as the market’s peak year.
While the rest of the United States is still working its way out of the rubble caused by
the recent market crash, it seems that the market for luxury condos has a different tale
to tell as wealthy property buyers from all around the world now seem to be looking
to purchase the best luxury condo options on today’s property market.
Having mentioned that the vast majority of property buyers who are looking to find
the best deals within Miami are foreigners, it is worth noting that most of these people
tend to come into the region to purchase second homes which are often purchased
by representatives who make their purchases for them while they are outside of the
United States. Such a convenient aspect has definitely made the market for Miami
luxury real estate an even more enticing option for foreigners who have the money.
As a common rule, wealthy property buyers are looking for nothing less than prime
locations within the region which offer the most astounding views of the city skyline
along with the horizon views of the Atlantic Ocean.
Needless to say, oceanfront luxury condos are still among the top property options on
today’s Miami luxury real estate market, especially since they come fully furnished
with all of the modern features and amenities that anyone could possibly look for in a
While there are those who remain somewhat skeptical about whether or not today’s
situation is merely going to lead to yet another housing crash, the one thing that bears
repeating is the fact that the Miami luxury real estate market — particularly that of
luxury condos — makes up for a very small percentage of the overall property market
which means that the current situation that the region is dealing with will definitely
prove to a be a win-win situation no matter which way you look at the situation.