Don’t buy a house. Buy a lifestyle…
The 2017 South Florida real estate market is shaping up to be “The Year of the Buyer.” In case you were considering buying and wondering if now is the right time, you were right, it is!
There is an abundance of opportunities for buyers in the South Florida market today whether you’re looking for urban, beachfront or equestrian properties, with a high supply of inventory South Florida has something to offer everyone.
According to data from Keeping Current Matters buying a home is 37.7% cheaper than renting over the long term in the U.S. and when you narrow the scope to Miami metro, the potential savings jumps to 53.2% cheaper to buy than to rent.
With the first quarter, underway the Brissi Group is seeing a thriving market filled with alluring homes for sale at attractive prices, closing for as much as 40% off original prices. We saw sales jumping 10.5% in mid-market single-family homes and the group itself had seven contracts in under 30 days.
We hope you find the below market stats as enticing as we do.
2017: The Year of the Buyer
Choices for buyers
- Brands- international brands are catching on to the energy of what is happening in Miami and many are developing first-in-the-world residential projects here including Porsche, Aston Martin, Fendi, Armani/CASA, Missoni, Pininfarina, and more.
- Starchitects – Miami has projects by the hottest names in the architecture world including Rem Koolhaas, Bjarke Ingels, Zaha Hadid, Norman Foster, Renzo Piano, Cesar Pelli, Herzog and de Meuron, and more.
Benefits of lifestyle
- Miami is ranked the #2 city in the U.S. for James Beard award-winning chefs with fine dining options for the most discerning palates.
- Incredible weather year-round with an average temperature of 77 degrees Fahrenheit.
- Arts – new museums, art galleries, and cultural options opening all the time. #2 largest Performing Arts Center in the U.S.
Price reduction highlights
- High supply of inventory which provides great opportunities for buyers.
- 35% of listings over $1MM in Miami have reduced their asking prices by an average of 14%.
- Sales prices for properties over $1MM are averaging 15-20% discounts from original listing prices.
- Discounts for new construction can be even higher. In fact, one local developer is offering a bulk deal of the last 10 units available from a 190-unit building. These 10 units are all penthouses and the developer is offering a 40% discount from the asking price for a bulk buyer.
Miami: America’s City of the Future
- Miami International Airport (MIA) and Fort Lauderdale-Hollywood International Airport (FLL) are 2 of the fastest growing airports in the world.
- MIA is served by 106 airlines, the largest number of airlines servicing a single U.S. airport.
- Over the past 5 years, the 2 airports have launched a total of 77 new destinations with 59 of those being international.
- Miami has become more than just the “Gateway to the Americas” and is now truly a global gateway.
- Both airports are focusing on improving infrastructure with shortened wait-times for Customs, new concourses, and extensive renovations.
- FLL alone is investing $2.3 billion in infrastructure before 2020.
- MIA ranked among the top 10 best run airports in North America, coming in at #7.
- MIA is the #1 airport in the country for international cargo and #2 for international passenger traffic.
- The percentage of Chinese buyers in South Florida has doubled since 2012 making it the #4 market in the U.S. for Asian investment.
- Plans announced for Americas-Asia Trade Center & International Financial Center
- 1st phase includes 4.68 million square feet of space on 8.5 acres
- 2nd phase with more than 15 acres of development and final plans to be determined.
- Miami metro is currently the 8th largest in the U.S. and is projected to surpass Philadelphia and Washington D.C. to be #6 by 2020.
- 45% of all new immigrants to Florida move to the Miami metro. 25% to Miami-Dade County, 12% to Broward County, and 8% to Palm Beach County.
- #2 City for Millennials attracting them through job growth, robust tourism and entrepreneurship.
- PortMiami is #1 for passenger traffic in the U.S.
- To capitalize on the growth in international trade made possible by the Port expansion, more than 9 million square feet of new industrial space has been delivered to the market in the last 3 years.
- Miami is home to more than 1,400 multinational headquarters and 77 foreign consulates.
- Miami is the 2nd largest hub of international banking in the U.S., dubbed “the Financial District of Latin America.”