July 15, 2016
The real estate market in Miami and Miami Beach has slowed down significantly over the past year, but it's not crashing. According to Douglas Elliman's second quarter 2016 market report, this is actually a sign of stability.
July 1, 2016
Brits have largely favored Florida when it comes to buying real estate in the Unites States, so many have been wondering how their surprise vote to leave the European Union may affect the real estate market in the Sunshine State. From April 2014 to March 2015, homebuyers from the U.K. made 29 percent of their U.S. real estate purchased in Florida. Arizona was a distant second, accounting for only 8 percent of residential purchases.
June 28, 2016
Colombia has officially replaced Brazil as the top foreign country searching for property in South Florida. In April, Colombia registered the most searches for South Florida real estate for the fifth straight month. Prior to this, Brazil led the rankings for 13 consecutive months through June 2015. Since then, they have fluctuated between the top 2 positions, before landing at number 5 in the most recent report.
June 24, 2016
Condominium and single-family home sales in Miami-Dade County continued their downward slide in May. Single-family home sales decreased by 7.2 percent year-over-year, while condo sales fell 13.3 percent. The reasons for the slowdown remain the same. Many luxury condominiums entered the market at around the same time major South American markets began experiencing volatility. New construction projects continue to enter the market, and some buyers continue to wait and see what else may be entering the market in the near future.
June 17, 2016
Mortgage rates dropped to the lowest level since May 2013 amid concerns about the global economy and the Federal Reserve's recent decision to keep interest rates from rising. A 15-year mortgage fell to 2.81 percent, and a 30-year fixed-rate mortgage dropped to 3.54 percent. The all-time low for 30-year mortgages was 3.31 percent in November 2012.
June 10, 2016
There has been plenty written recently about the real estate market cool down in Miami. While this is not usually something completely welcome to read about, the situation in Miami is a lot more nuanced than other major luxury markets in the United States, and experts believe the situation is not nearly as ominous as the media occasionally reports. In fact, the current conditions make this a perfect time to purchase Miami real estate.
June 3, 2016
Home price growth in South Florida is continuing to cool off. While prices in Broward, Miami-Dade and Palm Beach counties rose 6.2 percent year-over-year, they only rose 1.1 percent between February and March of this year. This is yet another sign the South Florida real estate market is taking a break from the boom of the past 3 years, which often saw double-digit price growth.
June 1, 2016
In recent international news covering the Panama Papers, the Miami real estate market has been portrayed as being largely dominated by luxury condominiums owned by foreign buyers living elsewhere. However, during this real estate cycle, developers have catered to actual residents, or "end users", who will spend much of their time in South Florida.
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