South Florida luxury residential developments have been emerging all over the place as of late it seems, with over ninety projects announced or currently at some stage of development. Recent reports show that a lot of the increased activity may have to do with foreign buyers who have reportedly spent just over $6 billion dollars in Miami real estate, accounting for about 36 percent of all such investments per the Miami Association of Realtors. Interestingly, foreign buyers and investors make up less than ten percent nationwide.
The disparity between South Florida’s investment activity versus the national average is highly unusual, yet it’s not entirely surprising. There is a probability that these numbers may tumble due to the value of foreign currency dipping. In terms of luxury condos, about eighty percent of them are purchased by foreign buyers.
Can this buying boom assist individuals that already live in South Florida? If developers were to perhaps build developments with more affordable prices for buyers and local renters, it could help in spurring sales among locals as opposed to just foreigners.
If you follow the real estate market, what do you suppose could be done to spur buying activity among locals?
This update is brought to you by Julian Johnston of Calibre International Realty. Julian specializes in Miami waterfront homes as well as Miami Beach luxury condos like Apogee South Beach, the two Continuum buildings, the Portofino Tower, and more. Call (305) 502-3985 for any questions about Miami real estate or Miami Beach real estate.
