Top Trends in Miami Luxury Real Estate
The luxury real estate market is coming off a bit of a difficult year in 2016. This has led to some changing trends within the Miami luxury real estate market. Here’s a quick look at a few of the most important trends.
High-End Condo Projects Delayed
With a large inventory of high-end condos already available throughout Miami, many projects have been delayed. Previously announced projects, such as H3 Hollywood, Abugerge Miami and Versailles have all been delayed until 2018 or later. In fact, Boulevard 57, a mixed-use building project ton Biscayne Boulevard was complete cancelled.
Lower Priced Properties Becoming Attractive
While developers are not leaving the luxury market entirely, many are focusing on less of the ultra-luxury and more of the $3 million to $4million price point. Non-waterfront properties without the eye-popping prices have become more popular.
Politics Becomes a Factor
The US election results were expected to cause a cooling off from Latino buyers, which hasn’t really happened. However, politics has become a factor with more Russian buyers searching for luxury homes and condos in the Miami area.
These current trends in luxury real estate are expected to continue in Miami. It’s a buyer’s market right now and supply is a little too high.