The types of properties in highest demand currently are luxury waterfront properties in Miami. It is luxury real estate that is propelling Miami’s housing market comeback. Not too long ago the city was drowning in foreclosures and considered to be one of the centers of unreasonable housing selections. Nonetheless, Miami is once again regaining its popularity and support amongst domestic and international investors, especially when it comes to luxury waterfront properties in Miami. After all, Miami is one of the most beautiful and thrilling destinations in the world.
The type of property most in demand is found to be the oceanfront property. Who wouldn’t like to wake up to the mesmerizing azure water of the Atlantic and fall asleep to the cradling sounds of the waves? Some of the most popular waterfront properties in Miami are located in South Beach and Miami Beach, and are especially enticing to the foreign buyers looking for luxury and great location. Areas such as Lincoln Road and Biscayne Bay seem to be top choices for buyers from Italy and Russia, as well as other countries around the globe. What is more, over 75% of sales made in these areas tend to be cash transactions, many of which are not foreclosures.
WATERFRONT PROPERTIES IN MIAMI
Due to such high demand in luxury homes in Miami and so many buyers willing to pay large sums of cash, there is a shortage of good deals. This trend has actually positively affected the housing market overall. Many new investors are exploring other areas of Miami as well, searching for deals throughout both inland and coastal neighborhoods. Consequently, middle-class homes are in an increased demand too.
Considering the rising demand and diminishing foreclosures, the housing market is expected to continue improving. The only issue now is that every year there are less homes for sale and it’s becoming more difficult for the market to keep up with the demand.