Miami’s real estate industry is back in the headlines and this time, it’s good news all around.
Week after week, it seems new transactions are setting new records. Last week’s news that a portfolio of six buildings along Lincoln Road in Miami Beach sold for $342 million was the latest example.
“The Miami real estate market is hot,” says Steve Medwin of commercial real estate firm JLL. “Because we’re an international city, we’re a global city with people from all over, we’ve got capital pouring in from all corners of the world.”
FOX News reports that existing home sales have risen in the city for the fourth straight month, in addition to 18,000 condos currently under construction. Within the next year, the city is set to match — if not surpass — the amount of construction completed during the last real estate cycle.
And there’s reason to believe that this boom may end well, thanks largely to the fact that most buyers are either paying cash or placing 50% down payments on pre-construction sales.
A recent condo study released by the Miami Downtown Development Authority goes into more detail about today’s market dynamics (available here) and you can watch the full FOX News report below.