AshleyCusack,CoralGables' leadingrealestateagent, recentlypublishedablog summarizingarecentGoldman Sachsarticleontrendingreal estateprices.
Significantlylowerhousingprices areforecastcountrywide,whilst Miamibucksthistrendwithprices actuallyexpectedtoincreasein 2023,atapacestrongerthanany othercity.
Theresidentialrealestate marketinMiamiisprojectedto beoneoftheveryfewcitiesto reversethistrendin2023and actuallyseepricesriseby0.8%.
Miamihasforalongtime beenapopulardestinationfor vacationers,retirees,andreal estateinvestors,andforgood reason.
Thecityisknownforitsstunning beaches,vibrantnightlife,andwarm tropicalweather,makingitapopular placetolive,work,andplay.Thereare anumberofclearandtangible reasonsforMiami’spricingresilience:
1.Astrongandconsistent demandforhousing.Miamihas longbeenanattractivelocation forbothdomesticand internationalbuyers.
2.thelimitedsupplyof availablehousing.Miamiis denselypopulated,witha limitedamountofland availablefordevelopment.
3.Miami'shousingbenefitsfrom astrongrentalmarket.Many buyerspurchasehousesin Miamiasinvestmentproperties, rentingthemouttotenantswho aredrawntothecity.
4.Miami'srealestatemarket clearlybenefitsfromsignificant foreigninvestment.Buyersfrom countriessuchasBrazil,Argentina, andVenezuelahavelongbeen attractedtoMiami'shousing market.
5.Miami'srealestatemarket definitelybenefitsfromFlorida’s favorabletaxpolicies.Thereisno stateincometax,makingitan attractivelocationforbothindividuals andbusinesseslookingtoreduce theirtaxburden.
