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Miami Developers Respond to Recent Housing Upturn

Recent market reports reveal that the housing market of Miami continues to perform well. Values for Miami real estate properties—mostly residential—have been shown to increase by a significant percentage as compared to values from the same quarter last year. During the last housing bust, many of the condos in Miami were left unsold. Currently, only a few hundred of those are left available. While the market indeed shows a good sign of recovery, real estate experts are now worried about the inventory, which is projected to last only a few months. Developers, however, are quickly responding by planning more projects all around the city. The upturn in the Miami housing market was attributed to South American buyers who are specifically looking for luxury residential towers. Latin buyers are ready to cough up cash for Miami properties causing sellers and developers to look into potential areas of Miami that can host future condo development. Furthermore, developers are also changing the way they plan and design their future properties by incorporating preferences of the said buyers. Oceanfront views are common even in the past. But now that condo developers have to accommodate a new set of buyers, high-security parking, spacious balconies and high ceilings are some of the few things that have been taken into consideration. With this sudden surge of condo development in Miami, many experts are now worried about the little bubble that might be forming. Whether we are looking into another potential bubble or not, it is far from the concern of Miami developers as they continue to answer the demand for more residential projects.

16.05.2013. 17:00