Miami real estate was once a booming success until the mortgage crisis hit the region in the early 2006. The real estate market collapsed as the number of foreclosure grew, which eventually lead to the increase of unsold homes in the city.
Demands are high yet investors can't get the mortgage loan they need to fund their acquisition due to the strict requirements implemented by financial institutions in the area.
Despite the fall of the once great Miami real estate empire, the city is currently recovering from the decline ever since the early months of 2008. Today, real estate developers around Miami are seeing a positive growth in the market that sparked the interest of some to implement new projects to address the rising demand of quality residential properties in the city.
High-Rise Residential Properties On The Boom
To address the demand for modern living as dictated by the current lifestyle, many real estate developers are scrounging up their courage to provide high-rise residential projects for possible long-term profit in the real estate market.
According to real estate experts, the high-rise properties, which are more concentrated on condos, are seen to be the top sellers in the region. Considering the popularity of the city as a tourist hotspot, foreign investors find these new projects to their liking, thus, a significant rise in foreign investments are seen throughout the city.
Various real estate providers are buffing up their repertoire of residential properties to attract more investors and homebuyers to purchase properties from them. This competition between developers is showing an active market that will increase the pace of Miami real estate market's recovery in months to come.
The Perfect Time For Investment
Local investors who were lying low due to the real estate market depression that hit the region during the mortgage crisis are seen to be active again after a 2 year long hibernation. Also, homebuyers here and abroad are showing a positive interest in various neighborhoods in Miami as a prime location to acquire quality residential properties in suitable living environment.
Considering that the media prices of real estate properties in the region are going back to its normal pace, as well as the dropping interest rates of various mortgages types, marks the perfect time for investment in residential properties around Miami -- either for business or personal purposes.
Vanessa Arellano Doctor