Meanwhile, Miami became the hotspot for buying houses, – according to many property dealers. As focused on the luxury and rarity side, the properties that are defined as homes valued approximately $1 million or more. Still, the sale number went high- 21.5% in June 2018, compared to the previous year. This report was published in July from the Miami Association of Realtors. For that high demand, High-end condo sales rose up 28% year over the whole year, and this will continue in 2019.
Obviously, brokers of Miami have also seen increased interest rates from many buyers in Connecticut, New York & New Jersey where property taxes are respectively high. With state & local tax deductions now capped at $10000, for this reason- many north-easterners are searching for homes/ houses in the less expensive areas. For that, Miami’s Condo Surge is becoming the trend, this is why it’s time to buy a house or invest in property now.
According to ‘David Arditi’ the principal of Aria Development Group- “South Americans still make up a large percentage of Miami buyers, however, and buyers from Eastern Europe, France, China, and Turkey are picking up the slack.”
In this matter, ‘Mr. Shear’ said- “Absorption is picking up a little, but we’re still not back to where we were in 2014. At the time, South American buyers were investing heavily in the city, but political tensions & currency changes in countries like Venezuela & Brazil have slowed sales from that region. The dollar is very strong right now, and the difference in currency makes investing more difficult for some.”
Daniel de la Vega’, president of ONE Sotheby’s International Realty, said- “That process has already started. For those looking to invest, there’s a lot of new condominiums being added there. Grove, Miami Beach is very central, and Brickell is a great place to live, especially for those who work in the area. It’s real, the migration of northern Americans to the Sunshine State.