Past year was a striking year for Real Estate in Florida, with a remarkable investment on luxury properties all over Key Biscayne, Brickell or South Miami.
With lower prices and a blooming quantity of Latin-American buyers, we saw how vendors were willing to reduce prices by a 20% cut. These big savings were especially attractive for both middle-aged and elderly population, whom are also about to retire and looking for a luxury life.
Fast forward to 2019 and things haven’t changed much, at least for the first quarter of the year. The market for buyers willing to invest in Real Estate is as hungry as ever, and without a rise in new constructions and a favorable fiscal environment, buying a property seems more valuable than before.
There isn’t a better time than this to invest in the Florida real estate market
Right now there are several condos under construction that are both well-priced, and structurally stunning.
Now while many buyers are considering new developments in Florida, there are also important agreements to buy units of resale, where there is much pressure on the price, or single-family homes, according to our team of experts.
The focus for Real Estate investors in 2019 should be aimed at value, and not just seizing a priced to sell opportunity. That’s why it’s called investment, it’s all about the long-term vision.
For all these types of properties, we believe that the best values today are probably where there is the largest supply of inventory to absorb, such as the downtown area of Brickell in Miami.
What can we expect from the rest of 2019?
While we believe prices in Key Biscayne and Brickell for luxury properties will remain the same due to the excess supply, leading developers and vendors to offer price incentives to move new and resale properties, there might be some market factors that could lead to rising prices. Our advice is to pay strong attention to any sign of new constructions, especially condos.
Buyers who want to get their hands on a newer property should act now and buy into a project that closed recently or that is scheduled to close soon. That or you can wait until 2021 to get something new from the housing market.
Just remember to consider different variables rather than focusing on the price alone. After all, being cheap never goes well with profitable investments.
If you want to know more or you want to contact us at The Coto Group, or follow or social media channels @TheCotoGroup to know more about Real Estate all over Key Biscayne and Brickell.