While Miami Agents see less activity from foreign homebuyers it is not all doom and gloom! We sure are feeling a slowdown in Miami property sales yet last month, Miami-Dade County’s property appraiser released an estimate that said 2016 was already a record year for property values in the county! Miami-Dade’s total taxable real estate surged to $251.3 billion as of July, marking a $5 billion increase in values since they last peaked before the crash in 2008, according to the report. More of this official report here to learn about the continued real estate surge and why it is different this time due to the signs of the sustained growth.
While I am feeling less showing requests and offers coming in across all Miami neighborhoods in all price ranges, single family homes, townhouses and condos it certainly maybe the effects of a combination of the summer, weakness of the international dollar and the upcoming election. This current market makes it essential for any seller to price to sell and pay close attention if your property is sitting on market for 90 days plus. This is a sign it is time to listen to the expert Realtor you hired if they are suggesting a price reduction.
International buyers still rule in Miami’s residential market, but locals and out-of-towners—especially New Yorkers—are gaining ground. Go figure the long freezing winters cause anyone to want to be the sun and by the ocean. Miami is also an easy commute to and from NYC. According to a recent survey for the Miami Herald, 33% of real estate professionals are reporting more foreign buyers in Miami-Dade County, a sharp decline from last year, when 56% of brokers said there were more purchasers coming from abroad. According to the experts surveyed in this Mansion Global report, New York is currently the main source of U.S. buyers in Miami. Local buyers, on the other hand, seemed to have increased their presence. In 2015, only 11% of real estate experts surveyed said they saw an increase in local buyers in the residential market, today that number is 23%. For 20% of brokers, out-of-towners are the main source of home buying activity, compared with 16% in 2015.
Work with an experienced and trusted luxury South Florida specialist as you explore real estate opportunities in Miami’s most sought after communities. Call today for a buyer or seller consultation with the Jill Penman Group at 305.807.9199. My expertise in local real estate and the global luxury market delivers extraordinary service that has firmly established my brand as an international luxury real estate leader for the past 13+ years. Read more about how I tirelessly chase the results that matter most to our clients and reach out to experience this for yourself.