More Reasons to Live in South Florida
South Florida has been a top tourist destination but tourists come and go. The real treasure of the city is its ever-growing and bustling residential towers. The city is sprawling with exhilarating night haunts, sprawling beaches, and a collection of art and business centers. Aside from those, however, here are more reasons why South Florida is a top choice for those searching for a new home.
During the economic downturn, there is no denying that Miami is one of the hardest hit areas, especially in the real estate industry. It took some time but like a phoenix rising up from the ashes, the city is rapidly gathering itself up and redeeming itself as one of top real estate markets.
Miami, along with London and New York, became a safe haven market for foreign investors looking for a quick escape for their currency due to political and economic crises. What started in 2012 is quickly gathering up pace with Russians, South American, and Chinese investors looking into Miami as an attractive hideout for their cash. To wit, a global survey placed Miami as the eight city that matters to high net worth individuals.
Real Estate Winners
While condo sales lagged behind during the past years due to the economic difficulties, recent sales are picking up with several luxury high-rise towers selling more than half of their units. Winners include SLS Brickell and 400 Sunny Isles which sold 100-percent of their units. Yet the real estate engine of Miami is far from over with over 10,000 new construction units, 60-percent of which has been sold since January of 2012. On the supply side, an average of 4,615 units are entered in the inventory each year.
What makes these condominiums a total draw? The architects. South Florida is quickly becoming a canvas for the brilliant hands and minds of renowned architects, including Bjarke Ingels, Richard Meier, Enrique Norten, Carlos Ott, Herzog and De Meuron, Rem Koolhas, Norman Foster, Zaha Hadid, and Bernardo Fort-Brescia of Arquitectonica. These starchitects transformed South Florida into one of the most architectural marvels of the world.
But new constructions are not the only ones getting good numbers. Resales are on a roll in several areas of South Florida. Beach areas saw incredible increase in resales, reaching as much as 917 million. These properties also don’t stay long in the market with an average days on market (DOM) of 34.
It has truly been a wonderful year for South Florida. The cities around the area proved resilient and strong, bouncing back in a superb fashion after hitting low during the recession years. With more and more investors pouring in the market, there is certainly no better time than now to choose South Florida as a next home.