One of the basic principles in real estate is that certain areas will have higher values and sales prices than others. Most people have heard the saying “location, location, location.” Location is everything in real estate, and if any of our readers are at all familiar with the real estate market that surrounds them, they know that South Florida is one of the pricier areas in the country.
In fact, according to one report, Miami in particular is becoming focus for buyers, both foreign and domestic, who are in the market for “luxury” real estate. This comes on the heels of significant commercial and corporate development in the South Florida area, with more and more companies deciding to base their headquarters in the Miami area.
The report indicates that Miami is moving up in the worldwide rankings of cities that are considered “first-tier” in terms of luxury. Miami still faces competition from other cities, like New York, where foreign buyers may traditionally have been more inclined to look. Of course, the interest in South Florida, and Miami in particular, may be the beginning of a trend, and at least some people expect that the number of real estate transactions in the “luxury” sector will only continue to increase.
Any of our readers who have seen previous posts here know that this latest report is just one more positive take on the South Florida real estate market. While many real estate markets throughout the country continue to face tough times, it appears our area is leading the way in a real estate recovery.
Source: www.opp-connect.com, “Rise of Miami as ‘world-class city for luxury real estate’,” Adrian Bishop, July 14, 2014