The 2018 Miami Real Estate Forecast
By: investUSA360 •
Miami is a living and breathing world full of color and an ever-changing market when it comes to real estate. It can be hard to put your thumb on an exact summary of the real estate climate in Miami simply because of how often it changes.
Currently there are many factors surrounding the space and real estate in Miami, this has been worrying many individuals in the area or who are looking to relocate to the surrounding area. While we can’t just give you a sentence explanation of the current climate in the industry since it is changing regularly, we can walk you through some of the newest updates that stand out and some of our predictions for the future.
There are many great opportunities for investors in the Miami community, all hope isn’t lost. Plus, these opportunities will likely bring more innovation and creativity to solve the issues many in the community face such as space, availability, and room for expanding.
There has always been a variety in Miami, from the culture in every corner to the wide variety of people from all over the world, this unique dynamic doesn’t just exist within the people, it also flows into the South Florida real estate as well.
In this article we’ll be discussing what we expect to see in the future of Miami, what the industry has to offer and how this will shape the years to come in the future. Miami has so much to offer and with these huge changes that are likely to happen in the future, we’re bound to see something interesting.
After reading through this article we hope to bring you a new understanding of how culture and real estate go hand in hand and how this can shape the future of surrounding areas as well.
The Future Of Miami
We probably all wish we could just see into the future of what Miami has to offer so we can make the absolute best investment choices, but it’s impossible. There are so many different directions Miami could take within the industry, but there are a few important changes that will make a difference.
First of all, condos will still be lowering their price to compete with the market and where it’s at currently. There are many condo developments that have been built, massive structures that are now just sitting empty. Not many can afford these high-quality luxury places, and with how the culture has shifted, many people want to either be right in the action of downtown like culture hubs in smaller apartments or they go the housing route. The condo market will continue to drop prices to entice more people to invest.
Because of so many individuals in the real estate market around Miami, not only are condos dropping prices, but this has encouraged a new term coined as Bold Buyers, buyers who ask way below the original asking price and they actually close the deal because the seller just wants to get the property off the market.
Miami has had a shift that has been most likely due to the overall price drops in many properties to try and stabilize the market. This has caused more of the middle class to be attracted to the Miami area, opposed to just the high-end buyers of the spectrum.
We expect this to continue to shift in this direction, which will most likely add more local businesses and diversity to the area as well, which is always a plus.
People want more affordable brands, houses, all the while still getting the community and culture people so desperately want from places that act as hubs such as Miami.
Changes With Big Brands
On the subject of affordable brands, there has been recent speculations about Amazon choosing Miami as its next location for their secondary headquarters.
There has been recent news that Amazon has been scouting for a new city to base their secondary headquarters in, but it’s been unclear of who would be in the running. You might not understand why this is such a big deal if they choose Miami, but it really is and here’s why:
There will be more and more of an influx of businesses big and small to the area that will make the Miami area thrive more than ever. Lastly, the infrastructure is ideal for a big brand like Amazon, Miami takes pride in how connected they are with the rest of the world.
Overall, with all the big changes coming to Miami, it’s interesting to see how individuals will react and how this will influence communities not only in Miami, but in other surrounding areas as well.
Let us know your thoughts on all of these changes for the real estate forecast in Miami early 2018!
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