HOW IS THE MIAMI REAL ESTATE MARKET?
2014 was another record year for the Miami real estate market. International and domestic buyers flocked to Miami, showing strong interest in both existing buildings and pre-construction.Â In many luxury buildings, every sale marked a new price record. A number of pre-construction projects were sold out mere days after beginning sales.
Miami is now number 6 in the Top 40 most important global cities for the super rich, according to the recently published Knight Frank 2015 Global Wealth Report, but it still offers better real estate values than cities like New York and Los Angeles.
During the fourth quarter of 2014, luxury condos in Miami Beach saw a 47% increase in the median sale price. Higher prices resulted in additional resale inventory coming to the market as sellers are trying to cash in on the increased values, as well as pre-construction projects selling out because of the comparatively lower prices.
We are excited about how the 2015 market is shaping up. We anticipate a slight slow down in the number of transactions as buyers are waiting to see in which direction the market is headed, given the strengthening of the US dollar relative to most currencies and the changing political and economical landscape in a number of foreign countries. We do not foresee a major price correction for this year.
ABOUT MIAMI AND MIAMI BEACH LUXURY REAL ESTATE
The SoFi Group inside of Douglas Elliman, is the leading real estate sales and marketing team in South of Fifth, in South Beach Florida. We are involved in the sales of luxury condos in the most sought after buildings in South Beach and Miami Beach, from Apogee and Continuum South Beach to the Porsche Design Tower, Jade Signature, Four Seasons Residences, St. Regis Bal Harbour and all the high-end luxury condos in town.
Miami and Miami Beach have been undergoing a dramatic transformation in the past decade. From a city only known for its beaches and beautiful people, Miami and Miami Beach evolved into a cosmopolitan metropolis that attracts many like a magnet.
Neighborhoods have emerged in places where only a few years ago, there was nothing – from SoFi, sophisticated and exclusive, at the very tip of South Beach, to the Design District, happening and cutting-edge, in a formerly abandoned neighborhood. Miami has become a truly international city, with people moving here from Europe, Latin America, and all over the US, but preserved its Latin twist. There truly is something for everyone in this new Miami.
For the foodies and the shopping aficionados entertainment is plentiful – fabulous restaurants are everywhere, and international shopping brands have set shop on Lincoln Road or close by. For the art enthusiasts, there are close to 100 art galleries now open in Wynwood, the arts district, and the new Perez Art Museum Miami, a masterpiece of Swiss architects Herzog and de Meuron, has been open since December 2013.
And then, of course, Miami is home to Art Basel Miami Beach, which transformed Miami into an art world Mecca. For those passionate about design, there is the Design District, which has been transforming itself into not only one of the most important global centers for cutting-edge art and design, but also one of the premier luxury shopping destinations in Miami, with investments of more than $1 billion dollars. For the performing arts devotees, the Adrienne Arscht Center offers everything from opera to theater, and the New World Symphony has found a new home in the edifice envisioned by Frank Gehry close to Lincoln Road. Aside from all of the above, of course, there is the weather, the beach, the ocean. What more could one ask for?