"2017 is a good year to buy luxury real estate." The Miami Herald
According to ONE Sothebys International Realtys year-end report, 2017 will be a great year to buy a luxury home in Miami. Long-term trends indicate that Miami is still a dominant gateway city, and the abundance of luxury homes is expected to make prices decrease from $1 million up to $5 million.
Anthony Graziano, Senior Managing Director for Integra Realty Resources, who prepared the report, believes that people had delayed their home buying as a result of the Presidential election and uncertainties in the economy, but now that time has passed buyer confidence is back on the rise.Graziano, also believes that people are motivated buy this year with the expectation of higher interest rates, which are expected to increase twice in 2017.
The report shows that the majority of Miami-Dade single-home sales are expected to be in the under-$1 million market, forcing sellers ofhigher-priced homes to lower prices. For 2017 the leading neighborhoods are still Brickell, Downtown, Edgewater and Midtown. However, One Sothebys expects this to change by 2018 with new units shifting to Miami Beach, Sunny Isles and HollywoodBeach.
The overall condo market is projected to slow down andLatin American buyers are expected to drop while domestic, Canadian and European buyers will increase. The loss of Latin American buyers will drop waterfront condo prices by another 5%- 8%. Non-waterfront condos are expected to lower in prices by 3%making it a good time to buy a resale or investment condo as well.
Themarket in Broward County is also projected to have continued growth. Broward homes, in large part because of their valueare priced 30%- 50% percent less than comparable homes in Miami-Dade. Overall, apositive economy is expected overall in the state, asFlorida was one of four states in 2016 with 3% employment gains driving the region to higher financial success.
JTNDZGl2JTIwZGF0YS1jb25maWdpZCUzRCUyMjE4MDIxNDYlMkY0NDk5NjAxMSUyMiUyMHN0eWxlJTNEJTIyd2lkdGglM0ExMDAlMjUlM0IlMjBoZWlnaHQlM0E5MDBweCUzQiUyMiUyMGNsYXNzJTNEJTIyaXNzdXVlbWJlZCUyMiUzRSUzQyUyRmRpdiUzRSUzQ3NjcmlwdCUyMHR5cGUlM0QlMjJ0ZXh0JTJGamF2YXNjcmlwdCUyMiUyMHNyYyUzRCUyMiUyRiUyRmUuaXNzdXUuY29tJTJGZW1iZWQuanMlMjIlMjBhc3luYyUzRCUyMnRydWUlMjIlM0UlM0MlMkZzY3JpcHQlM0U= According to ONE Sothebys International Realtys year-end report, 2017 will be a great year to buy a home in the luxury real estate market in Miami. Not only the Miami brand continues to sell worldwide, and long-term trends indicate the city to be still the dominant getaway city, but also the many of options now available, are making prices to drop significantly; Selling prices are expected to decrease from $1 million up to $5 million. Anthony Graziano, Senior Managing Director for Integra Realty Resources, who prepared the report, believed that people delayed their home buying because of the elections and everything that was going to happen in the economy. The report showed that the majority of Miami-Dade single-home sales are expected to be in the under-$1 million market, forcing sellers for higher-priced homes to bring down their prices. Especially, for waterfront homes, where the majority of the inventory falls in while non-waterfront prices rose by 9% in 2016. For 2017 the leading neighborhoods are still Brickell, Downtown, Edgewater and Midtown. However, One Sothebys expects this to change by 2018 with new units shifting to Miami Beach, Sunny Isles and Hollywood beach. Graziano, also believes that another reason motivating people to buy this year is the expectation of higher interest rates, which are expected to increase twice in 2017. People are going to want to lock interest rates for up to 5 0r 6 years. The overall condo market is projected to continue slow during this year. Latin American buyers are expected to drop while domestic, Canadian and European buyers are supposed to increase. The loss of Latin American buyers will drop waterfront condo prices by another 5 to 8 percent. Non-waterfront condos are expected to drop their prices by 3 percent, making it a good time to buy a resale condo in Miami.
In Broward County Market is projected to continue growing, Broward homes, in large part because of their value, are priced 30 to 50 percent less expensive than comparable homes in Miami-Dade, A positive economy overall is expected as Florida was one of four states in 2016 with 3 percent employment gains which is likely to drive the region to a successful 2017.
According to ONE Sothebys International Realtys year-end report, 2017 will be a great year to buy a home in the luxury real estate market in Miami. Not only the Miami brand continues to sell worldwide, and long-term trends indicate the city to be still the dominant getaway city, but also the many of options now available, are making prices to drop significantly; Selling prices are expected to decrease from $1 million up to $5 million. Anthony Graziano, Senior Managing Director for Integra Realty Resources, who prepared the report, believed that people delayed their home buying because of the elections and everything that was going to happen in the economy. The report showed that the majority of Miami-Dade single-home sales are expected to be in the under-$1 million market, forcing sellers for higher-priced homes to bring down their prices. Especially, for waterfront homes, where the majority of the inventory falls in while non-waterfront prices rose by 9% in 2016. For 2017 the leading neighborhoods are still Brickell, Downtown, Edgewater and Midtown. However, One Sothebys expects this to change by 2018 with new units shifting to Miami Beach, Sunny Isles and Hollywood beach. Graziano, also believes that another reason motivating people to buy this year is the expectation of higher interest rates, which are expected to increase twice in 2017. People are going to want to lock interest rates for up to 5 0r 6 years. The overall condo market is projected to continue slow during this year. Latin American buyers are expected to drop while domestic, Canadian and European buyers are supposed to increase. The loss of Latin American buyers will drop waterfront condo prices by another 5 to 8 percent. Non-waterfront condos are expected to drop their prices by 3 percent, making it a good time to buy a resale condo in Miami.
In Broward County Market is projected to continue growing, Broward homes, in large part because of their value, are priced 30 to 50 percent less expensive than comparable homes in Miami-Dade, A positive economy overall is expected as Florida was one of four states in 2016 with 3 percent employment gains which is likely to drive the region to a successful 2017.
According to ONE Sothebys International Realtys year-end report, 2017 will be a great year to buy a home in the luxury real estate market in Miami. Not only the Miami brand continues to sell worldwide, and long-term trends indicate the city to be still the dominant getaway city, but also the many of options now available, are making prices to drop significantly; Selling prices are expected to decrease from $1 million up to $5 million. Anthony Graziano, Senior Managing Director for Integra Realty Resources, who prepared the report, believed that people delayed their home buying because of the elections and everything that was going to happen in the economy. The report showed that the majority of Miami-Dade single-home sales are expected to be in the under-$1 million market, forcing sellers for higher-priced homes to bring down their prices. Especially, for waterfront homes, where the majority of the inventory falls in while non-waterfront prices rose by 9% in 2016. For 2017 the leading neighborhoods are still Brickell, Downtown, Edgewater and Midtown. However, One Sothebys expects this to change by 2018 with new units shifting to Miami Beach, Sunny Isles and Hollywood beach. Graziano, also believes that another reason motivating people to buy this year is the expectation of higher interest rate, which are expected to increase twice in 2017. People are going to want to lock interest rates for up to 5 0r 6 years. The overall condo market is projected to continue slow during this year. Latin American buyers are expected to drop while domestic, Canadian and European buyers are supposed to increase. The loss of Latin American buyers will drop waterfront condo prices by another 5 to 8 percent. Non-waterfront condos are expected to drop their prices by 3 percent, making it a good time to buy a resale condo in Miami.
In Broward County Market is projected to continue growing, Broward homes, in large part because of their value, are priced 30 to 50 percent less expensive than comparable homes in Miami-Dade, A positive economy overall is expected as Florida was one of four states in 2016 with 3 percent employment gains which is likely to drive the region to a successful 2017.
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