Bad News For Bargain Hunters Say Colordarcy - Property In Miami Is In Short Supply

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Property Prices in Miami were up 11% over the year (Source: Wall St Journal, 11th April Can We Afford Another Housing Boom?), yet even with this rise, property prices still have some catching up to do in some areas to get to the level they were in 2006 according to property investment firm, Colordarcy. However, the firm say that bargains will be in increasingly short supply if the growth trend continues.

Miami Real Estate
There is a buying frenzy in Miami at the moment with international and local investors moving in to snap up available properties, particularly desirable ones with a sea view.

Analysts at Colordarcy claim that the speed of growth in the Miami property market could well make real estate bargains harder to find, therefore investors will need to move fast to benefit from the full cycle of growth.

According to data released by Trulia, rents on single-family homes in the greater Miami area have also risen by 2.8% in the same period. The ripple effect is also being felt in the areas close to Miami with property in Fort Lauderdale up 10.7% over the year (Source: Trulia).

Loxley McKenzie, Managing Director of Colordarcy commented, “There is a buying frenzy in Miami at the moment with international and local investors moving in to snap up available properties, particularly desirable ones with a sea view.

The evidence of the feel good factor in Miami can be seen in the return of those spectacular launch parties covered in the media.”

While the return to positive territory is good for the local economy, increased competition may not be so good for investors. With demand high, the best available stock is absorbed more rapidly than normal and this can only push up prices.

The upside according to Colordarcy is that with the supply of housing low, rents are also rising rapidly. Those families who have suffered foreclosures still need places to live even if mortgage finance is harder to obtain.

The latest S&P/Case-Shiller index of 20 U.S. cities shows that property price growth in Miami outpaced the national average, which stands at 8.1%.

Colordarcy are currently offering stunning waterfront investment rentals on Miami’s affluent Aventura area. The luxurious two and three bed apartments at Marina Palms are due for completion in 2015.

Marina Palms is the county’s first luxury condominium and yacht club in two decades.

Notes to the editor:

Colordarcy is a leading property investment company that specialises in finding positive cash flow investment properties worldwide. Colordarcy investment property portfolio includes some of the best properties for sale in Brazil, Florida, Turkey and the United Kingdom.

For more information, supporting pictures or logo artwork, please contact:

Brett Tudor
PR Manager

Tel: +44 (0) 207 100 2393
Email: press(at)colordarcy(dot)com
Web: http://www.colordarcy.com/

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Brett Tudor

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