Miami Real Estate Forecast – South Florida Housing Market Spring 2018 2019 Predictions Sales MLS Listing Data

Miami Real Estate Forecast 2018 2019

The spring 2018 forecast for Miami and most of South Florida is very good.  According to the Miamirealtor.org, the spring outlook is bolstered by a strong US economy, growing tourism,  and strong employment.

Hurricane Irma is history and the rebuild is still underway and after the current lull, the growth will continue. And given a strong economy, rising wages, and that Florida’s no tax status is still alive, buyers and investors will find value in buying Florida real estate. See the Housing Market in Florida 2018 report.

According to Zillow, the average price of a home in Florida should rise to $221k by end of 2018 and the average price of a detached house will be $230k. Condos are forecasted to rise to another price to $169k. Compare these to home prices in Houston, home prices in Los Angeles, home prices in San Francisco, and home prices in Seattle, and you can see homes in Florida are a relative bargain.

After this winter and spring’s price dip, luxury home prices should rise back to an average of $392k.  In December, the market for condos and homes in the Miami Dade & Broward County region remained a little flat, although house prices have risen 7%.



October Sales: Miami existing condo sales increased in October and luxury home transactions posted double-digit gains as Miami real estate returned to normalcy after Hurricane Irma-related tree debris and power outages delayed inspections, appraisals and closings the past two months, according to a PR report from Miami Realtors.

The number of single-family houses listed fell 4.8 % (307 units) in October to 6,152 homes last month. New house listings fell 9.3% and those offered at less thatn $250,00o dropped severely.  That spells a housing shortage.

The number of condos for sale rose 5.6% to 15,222 listings during the same period in 2016.



Rental prices have been falling, so real estate investors will have to look harder to find good performing properties in Miami. The market for high priced luxury condos in Miami is suspect, just like it is in many luxury markets.  Moderately priced properties continue to be in high demand.

It looks like a buyers market for condos in Miami Dade County. This graphic below might tell you a lot about condo availability here in Miami.  This might be the time to invest in a Miami property.




The trend nationwide of course is to rising house prices due to constrained availability. The latest US housing report shows consistent strength in all major housing markets. San Francisco, the Bay Area and New York have lead the way with strong rises. Miami, Florida placed 9th in prices in the US, according to a report from Zillow.




The Miami housing market for 2018 and 2019 buyer profile are very similar to what you’ll see in the Boca Raton South Florida real estate market forecast.  Recent events have affected foreign interest.

The biggest event here to affect buyers, and therefore prices, is Hurricane Irma, and several other hurricanes that passed through.  If we’ve seen the worst of the impact, then housing is likely in for a good period from 2018 to 2019.

There was a lot of doom and gloom talk about the hurricane’s wiping out the South Florida economy, but it looks like they’ve already been a boon to it.  Perhaps money has been diverted from buying new and resale condos to reconstruction of homes in the greater Miami area?

Worried about the jobs outlook?

“After analyzing 52,866 job postings from Miami, Tampa, Orlando, etc., we found that not only has hiring rebounded it is actually surging dramatically beyond normal 2017 demand for at least 13 kinds of jobs,” said Kushal Chakrabarti, co-founder and CEO at TalentWorks of Berkley California. – from report floridapolitics.com.

Home Sales Prices Levelling Off

Home prices have consistently risen over the past year. The momentum look strong. Screen capture courtesy of Miamirealtors.com

On the other hand, a big decrease in cash sales show a traditional type of buyer is missing from the market right now.



Miami – Good Time to Buy?

Is this a buyers market?  2+ bedroom condos are decreasing in price and rents have fallen 1.5% in Miami. Contrast this with condo price increases of 8% to 9% in Washington DC, San Jose, and 13% in Denver Colorado and you have some perspective. Prices in Honolulu, Houston, and Chicago have plunged in comparison.

The real estate district of Miami includes the communties of Coral Gable, Cutler Bay, Doral, Homestead, Brickell, Medley, Miami Springs, Palmetto Bay, Pinecrsst, and Sweetwater. It doesn’t not include Fort Lauderdale which is a separate MLS board.

Check out the neighborhood profiles on Neighborhood Scout. They include price appreciation, demographics, and more for Miami’s best neighborhoods and all the districts.  Very helpful.

Looking to buy a condo or house in the Miami area? The typical buyer of homes in this region come from around the world, from New York and Toronto, to Dallas and Houston, to Dubai, Singapore, Beijing, Hong Kong, Sao Palo, Rio De Janeiro, to London UK. A good portion of buyers emanate from Venezuela, Columbia, Argentina, Brazil and Canada. Colombia consumers are mosted interested in Miami real estate this fall.

According to Miami Realtors.com, interest in Miami is strongest from buyers in

  1. Charlotte, NC
  2. New York City, NY
  3. Atlanta, GA
  4. Chicago, IL
  5. Los Angeles, CA
  6. Houston, TX
  7. Dallas, TX
  8. Auburn, VA
  9. Boston, MA
  10. Simi Valley, CA




NAR reports that almost 40% of residential property is purchased by foreign buyers.

Buyers Forecast 2018: The Miami’s Herald’s buyer survey revealed the buyers forecast that residential home values will fare over the next 12 months, 36% believe they’ll rise, a third think prices will remain flat while 21% believe they will depreciate.

You can discover more about Buying in Miami via the Buyer’s Survey from Miami Herald

Graphic courtesy of the Miami Herald

The Miami Herald undertook an informative survey of buyer attitudes and the opinions definitely point to the buy side.

Miami’s beauty, incredible climate, business opportunities and proximity to Europe and the Caribbean make it a key position in International business and trade. With condo prices subdued currently, now may be the time to pick up a bargain before prices rocket again.

Book mark this post and return next month for another update.



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Houses for Sale in Miami Florida | Fort Lauderdale Miami Beach Homes

Houses for Sale Miami

Looking for a home in the Miami , Boca Raton or elsewhere in Florida? Perfect, because the houses for sale widget from Zillow below will lead you to a selection of nearly 1000 detached properties.  Whether to live in or invest in, houses in the Miami area are in high demand.

From Coral Gable, to West Miami up to Boca Raton to Miami Shores, you’ll discover a wealth of extremely beautiful Florida homes, the kind everyone dreams about. Prices range from $239,000 to $8 million or more. It’s not quite correct to say you can’t find a home comparable in quality to Los Angeles, San Francisco, Phoenix or Denver. Search hard with a good home search system, and you might find a gem.

Realtor.com has an incredible 7,000 homes for sale on its site, about a quarter of all property listings. Zillow has about 1000 detached home listings. Currently, the average home listing price is just over $400,000.




Typical beautiful House For Sale in Miami

Spectacular Waterfront home in beautiful Miami Beach

Real Estate Investment Opportunities

Are you looking at houses for sale as a rental income opportunity? The ROI is tremendous in a number of cities including Miami. You may want to look north to Canada as well. The Toronto real estate market and Vancouver real estate market are ripe with income potential. The condo market in Toronto, Vancouver and Mississauga is very promising.  Take a look at pre-construction condominiums too.

Los Angeles, San Francisco and San Diego California are excellent rental markets, however the cost of the property might make you think twice.  See this video from a real estate investment advisor on properties with a high return potential.

Of course real estate investment is always speculative so ensure you have a professional advisor to weigh in on your choice.  Don’t limit yourself to your own location.  Most often, the best returns are in another city or perhaps another country.

 




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Luxury Homes in Boca Raton FL | Luxurious Living in Palm Beach County

Boca Raton & Palm Beach – The Beverly Hills of Florida

A World of Unimaginable Luxury and Lifestyle Might Be Just Right for You

It’s easy to sing the virtues of America’s paradise state. If anyone can appreciate the beauty, elegance and potential of Florida, it would be a Canadian suffering through another snowstorm. The cold, isolation, lack of social and leisure activities leaves us asking; “Is this all there is?”

Photo courtesy of downtownreporting.com




From my Uncle’s Florida youth stories to my sister’s family’s success in the Sunshine state, to my own vacation experiences, I think a life in Florida would be time very well spent. So I’d like to introduce you to a place you may not have heard much about. A land of palm trees, ocean views, and endless leisure time activity. It was the vision of an American who believed everyone should live in paradise (No, it’s not Walt Disney or Donald Trump).

I want to believe that the cold, snow and traffic congestion along with the endless taxes will go away, but we know they won’t.  It’s better to try another city in a beautiful state. I hope this post makes you aware that you have options. And in this place, you’ll enjoy a profoundly different lifestyle and not really have to give anything up.




Is South Florida in your Future?

Rolls Royce Ghost
Don’t worry, you can get your Rolls tricked out too! Pic courtesy of exoticslimited.com

The state’s population has risen quickly beyond the state of NY. Many of Palm Beaches new residents are from NY which is why some call South Florida, NY’s 6th borough.

Just the word Florida conjures up images of luxurious palatial homes, palm trees swaying in warm breezes, sparkling swimming pools, expansive stretches of sandy beaches, and seas of boats moored in harbors. It’s where luxury living has been elevated to its limit and also where foreign real estate buyers purchase a home only because they need its Yacht moorage.

Take a quick look at the real estate forecast for Palm Beach County and for Miami Dade County and how this area is booming, with an even more optimistic outlook for employment and business.

Top Reasons to Move to South Florida

And the warm colors, latin calypso music reverberating from posh restaurants where you can eat anything imaginable is sure to captivate most of us in the cold Northeast and others from the UK, Russia, or Germany. The idea of moving here isn’t so outlandish anymore even for those with families. The south Florida invasion continues. The benefits continue to pile up higher than another Upstate NY snowstorm. It’s time to consider your move.

Of all the places in South Florida to move to, Palm Beach might be the very best choice. From Golf to tourist attractions, to incomparable waterfront luxury homes, all you’ll need is a good Palm Beach Realtor to get the process started. Take a good look at the Florida housing market in 2018.

Top 10 Reasons to Move to Palm Beach

Here’s my top 10 tongue-in-cheek reasons to move to Palm Beach:

  1. warm weather all the time (they complain to city hall when it gets below 70)
  2. you’ll sleep better after a day of tennis, golf, fishing, windsurfing, talking or shopping
  3. you don’t have to eat the same food again for 5 years
  4. you can’t jog the full length of the beach (you’ll have to take the bus back)
  5. swimming pools are mandatory (bring lots of pool noodles)
  6. no state income tax (the Democrats want this place banned)
  7. no inheritance tax (bring your kids and grandkids and it pays for itself)
  8. private schools galore for your kids (you won’t have to see them anymore and they’ll actually turn into decent citizens)
  9. endless beaches, blue sky, turquoise waters, sun umbrellas and relaxation (you’ll faint from a lack of pain)
  10. you can drive your boat everywhere (make sure you get your boaters license at the convenience store)
Condos in Downtown Boca Raton FL – photo courtesy of bocaratonflhotels.com

The Nouveau Riche Are Here Too

When you see the average closing prices of properties, no state tax, no inheritance taxes, and low cost of living, you’ll understand why half of New York hightailed down here to Palm Beach County.

The real shocker however, is that most of the buyers now are young, in their 20s, 30s and 40s.  Current residents are wondering how they will be able to handle all these new shuffleboard players.




And they’ll all be rubbing shoulders with some of the wealthiest business owners around the world at exclusive clubs and resorts. Boca Raton and Palm Beach are for powerful business connections. You’ll be glad you brought your golf clubs and polo stick and made the move to sunny Florida.

Another important benefit of buying condos or homes in South Florida, is buying them as a rental investment property.  This is one of the best cities for rental income.  Should you not want to live here just yet, you can rent your place out at crazy rental prices.




While spectacular, opulent living is the order of the day in South Florida, it might be at its peak in the city of Boca Raton, in Palm Beach County which is safely up the highway from the greater Miami area. At the right spot, you’ll enjoy the common sites of Lamborghinis and Rolls Royces cruising the streets while yachts slide by in a nearby waterway.  And while the ultrarich might live in the Palm Beach country area, Boca Raton is the place they prefer.

“There’s a casualness about Boca that surprises people,” admits Michele Bellisari, a realtor who moved here from Canada with her parents in 1978. “It’s not as snobby as people think. At the end of the day, we’re all working here, raising our families just like everyone else.”  — excerpt from floridatravellife.com.

A Californian named Addison Mizner called Boca Raton the sunporch of America.  His dream was to create the world’s most architecturally beautiful playground. He was refering to the spectacular miles of palm lined beaches that now draw hundreds of thousands of tourists to the the Palm Beach area. Mizner planned it all from boulevards to palm mansions to city hall to the polo grounds. It would represent the ultimate in American lifestyle.

Boca Raton FL, the playground of millionaires.  You might be it’s next lucky resident. There are 3800 homes for sale in Boca Raton. Could it hurt to check them out? Check out the prices. Surprised?

Cities Near Boca Raton Average Price
Boynton Beach $222,000
Coconut Creek $150,200
Coral Springs $313,100
Deerfield Beach $141,300
Delray Beach $169,100
Parkland $579,500
Pompano Beach $173,000

 

A Short Video introduction to Boca Raton’s culture and lifestyle

Homes for Sale In Boca Raton FL

There’s a home for every budget here in Boca Raton. Starting at $25,000 and quickly rising to $18,000,000.

What does a $6 Million dollar home look like in Boca Raton? This home below isn’t one of the most expensive on the market, yet these 2 pictures tell us a lot about living here. Panoramic waterfront views, resplendant palms, soaring 20′ ceilings, spacious poolside patio and chef’s kitchen make it very special. See all the listings on my client’s website: homesforsalefl.com

Boca Raton Home For Sale: 500 E Alexander Palm Road, Boca Raton, Florida

A pleasant introduction to the unique architecture of Boca Raton

And you’ll want this beautiful estate in Boca Raton if only for the tennis!

Right on the waterway with your own dock and amazing waterfront views. Watch yachts go by, don’t wave to them, pretend not to notice and keep reading your book.

Magnificent waterfront luxury home in Boca Raton




And what you’ve always wanted a luxury condo in Boca Raton next to the ocean and the Boca Raton Resort Golf Course

Living in Palm Beach County. Gotta Love It!

Ready to Start Looking for your new Lifestyle in Boca Raton or Palm Beach Florida? My client Michael Goldberg, a Palm Beach Realtor™ with great insight into the market is ready to help. Keep in mind that Michael knows about Palm beach homes for sale  and Boca Raton homes for sale which aren’t on the MLS. This is common in exclusive communities in South Forida.  It’s who you know!




Is this the right year to buy rental income property?  Find out more about the best investments in 2017 including investing in real estate.

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