The Miami Real Estate Market’s Energy Is Back Again

It has been five years since the Miami real estate market took a crash that left a lot of people severely devastated, but looking at the city now reveals an entirely different picture which showcases a stark contrast between what could have very well been symbolic of the worst excesses of the real estate boom.

Many assumed that it would take more than half a decade before recovery would take on its effects; however we are now looking at condo towers which are being taken off the local market by renters who are quickly filling up any vacancies in Miami’s range of condo properties, leaving the city’s streets quite busy with people walking around everywhere.

As soon as the market collapsed, many of the city streets were just as vacant as the city’s condo establishments, but now we are looking at incredible signs of life on both the streets and these condo establishments which have easily become a top pick from today’s local market option.

Compared to last year’s records (which were 33 percent lower compared to 2011’s results), this is by far the biggest break the real estate of Miami has had in a long time. Just this July, 2011 – 47 percent of home properties were sold leaving the inventory of home properties close to depletion. But the home properties were not the only ones who grabbed attention – 33 percent of condo properties were also recorded to be purchased according to the Miami Association of Realtors.

Figured that cover the Downtown Miami area have showcased how the statistics for the area that extend from the Wynwood arts neighbohoord up north to the financial district of Brickell in the south have doubled over the past ten years with the district’s population going from 40,000 to today’s 70,000 people. But the figures do not end there as analysts expect an addition 10,000 people to move into the area by 2014.

Being granted security by all of the recent market findings and figures, it seems that investors have got their sights back on the Miami real estate market for investment projects that will be set within the Brickell area.

No one would have expected the bright future to be right around the corner but the incredible energy that has returned after years of silence is most certainly a welcome force in Miami. In fact, many hope that the Miami real estate activities that are now taking place will continue over the next couple of years despite the uncertainty that many still harbor in the back of their minds due to economic factors that seem to be holding Miami back in many ways.

Nevertheless, the Miami real estate market is definitely looking good, at least on the surface since there are still a number of issues which need to be resolved, particularly in terms of the region’s foreclosure crisis which still has its shadow cast over a great percentage of home properties in the region.