Miami is emerging as the prime US spot for property investment, driving the trend for rising prices across Florida. Colordarcy.com claims that condominium prices increased by 19.3 per cent year-on-year. The median list price of Miami property has also risen, jumping 11.6 per cent. However, this is somewhat of a slowdown, with prices increasing by 19.4 per cent at one stage. Nevertheless, the market is continuing to move in an upwards direction, making the area ideal for those looking to capitalise on Miami's booming tourism industry.
Loxely McKenzie, managing director of Colordarcy, stated: "This is quite a turnaround when we consider that the Florida property market was seen hurtling to the bottom back in 2008-09 with no end in sight at the time. Back then all the talk was about how could Florida and other bubble-hit states in the US ever possibly recover?"
Now the area, and Miami specifically, is enjoying healthy interest from "cash-buying sun seekers". This is being driven by Canadian and Brazilian investors, according to Colordarcy. However, people need to act fast to take advantage of prices that are well below their peak level. Those looking for residential real estate can now find a downtown apartment in Miami for $210,000 (£130,914.63) at a 50 per cent discount. Mr McKenzie stated: "Combine this with a market that is growing at a rate of more than ten per cent a year and Miami is an ideal option for cash investors."
Colordarcy also recommends investors consider Tampa, which has experienced 7.1 per cent year-on-year growth recently and offers a solid return on investment. Tampa property is much cheaper than Miami real estate and tenanted homes go on the market for as little as $64,000 (£39,897.79). Alternatively, for luxury property, Fort Lauderdale is an ideal spot, which has now been made more affordable by the global price slump. Currently, an apartment on a luxury resort costs less than $130,000 (£81,040.24). Nevertheless, Miami will continue to be one of the most popular tourist destinations and is a firm, long-term investment.
- Wednesday 28 November 2012