Miami Hits Real Estate Boom

Miami real estate market is one of the hottest in the United States to date. Miami continues to draw waves of people wanting to relocate here. The tropical climate, assortment of activities, and economic opportunities is perfect for real estate ventures.

(PRWEB) November 12, 2005 -- Miami real estate market is one of the hottest in the United States to date. Miami continues to draw waves of people wanting to relocate here. The tropical climate, assortment of activities, and economic opportunities is perfect for real estate ventures.

Miami, the heart of South Florida, is where everyone wants to live. It is the largest urbanized area in the state of Florida. Located in the Greater South Florida, it provides tourists and residents many entertainment, recreational, and cultural attractions and activities.

Known as the cultural melting pot of the US, Miami has a diverse population that include people from Caribbean and Latin Americans. According to the 2000 U.S. census, Miami has a population of 60 percent Hispanic, 22 percent African-American and 11 percent foreign-born people.

Miami is divided into 13 different commercial, business and residential districts. The real estate in Miami offers a wide selection of housing options including single-family homes, condominiums and pre-construction units.

Throughout the month of October 2005, there were 25,000 homes for sale on the market, with an average number of 71 days on market.

In October, condominiums dominate the closed transactions of the market. Approximately 3,000 condos were sold compared to 1,000 single-family homes.

Real estate developers are busy making designs and plans to fill up the Miami bay-front with condominiums. These growing real estate options are for people who are seeking a more fashionable, diverse lifestyle for second homes. Miami condominiums are also for people who have been priced out of the single-family home market.

The demand for these units has become worldwide. One of the reasons of Miami condos popularity is because of the steady stream of immigrants that come from South America with cold cash. Need for the supply of new condominiums exploded in the industry because of the international market investing in Miami real estate.

In addition to Miami’s booming condominium market, pre-construction deals are also in demand. The favorable condition set on real estate pre-construction deals attract buyers worldwide. Foreigners and local residents purchase approximately 50% of Miami’s real estates selling for less than US$1 million.

Miami pre-construction dealings allow buyers to build equity in the property without paying the normal carrying costs such as mortgage, maintenance fees and including taxes. When a consumer or real estate investor owns a preconstruction property, 10 percent of the market price is according to the time of contract. The other 10 percent is due within the next six months or when the property’s foundation is finished.

For the last quarter of 2005, the average home price for condominiums was $662,900. Single-family homes range between US$650,000 and roughly US$5 million. Meanwhile, the price of pre-construction units range from US$250,000 and up.

However, the continuous median real estate market price, strong buyer demand, record monthly sales, strong job growth, and low mortgages are the reasons why Miami is considered as the nation’s housing market.

As long as the population grows rapidly in Miami, the demand for real estate would remain to increase at a swift pace. There are many real estate projects underway as the 13 districts of Miami aim for huge growth and change.

Aquablue Realty Miami Real Estate
http://miamirealestate.line.us

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