Positive Outlook for Miami Real Estate in 2012February 10, 2012
Today’s EWM kickoff event provided some positive outlook for the Miami Real Estate market this year. We had the privilege to listen to two industry icons. Ron Shuffield, President of Esslinger-Wooten-Maxwell Realtors® (EWM) kicked off the main presentation by sharing some impressive statistics about the company’s sales in 2011. One fact we were extremely proud of was that EWM was the leader in Luxury homes and condos sales (homes priced over 1 million USD) in Miami-Dade and Broward counties combined in 2011. It seems that this success is continuing as Shuffield reported that about 48 luxury homes went under contract in January of 2012 company wide. After providing us these encouraging statistics, Shuffield introduced Mr. Steve Harney of the KCM group.
Mr. Harney continued the encouraging tone by stating that “today we are much better off than we were 2 years ago”. Illustrating the strength of the Miami Real Estate market Harney shared some numbers that showed that from January 2000 – Feb 1 of 2012, the Miami Real Estate Market had a higher return of investment over the Dow Jones, S&P, and NASDAQ. Data provided from Zillow showed that prices would drop this year in real estate but Not In Miami! Harney repeated this sentence several times and continued by saying that he believed that 2012 would be a breakthrough year for Miami real estate. In addition to the continuing increase in international buyers coming to Miami, he predicts that a flood of buyers from up north was expected to hit Miami this year. With some of the biggest Bears in the market, such as John R. Talbot and Christopher Thornberg, turning to Bulls, the rapid rising in rents, and the current low mortgage rates, Harney said that the time to buy real estate in Miami is now!
As a nation-wide recovery in the real estate market is not expected, according to experts, until 2015 or 2016, it appears as recovery in Miami might come a little earlier which is extremely encouraging especially considering the fact that two years ago the outlook was much less encouraging. We welcome this positive outlook for the Miami Real Estate market in 2012, and looking forward to continuing our success from the last quarter of 2011 in the Miami Luxury Real Estate market.