MIAMI REAL ESTATE FORECAST FOR 2017
Everyone I come across asks me what to expect in 2017? And what to expect with Trump? This is my view of things but I am not yet a psychic !
-Lower taxes will help Miami's market by increasing demand.
-Strong immigration policies will affect construction cost which will lower the supply of condos.
-Less regulations will help our market. More financing will be available.
-Sellers have purchased in cash their unit so they will not sell at a loss. The market is expected to get only a small correction.
-Safe financial investment: International clients buy in the US because it is the most secured country in which to invest.
-Miami- the brand. We are a city where people want to invest because they enjoy the lifestyle.
-Prices: Miami real estate remains a major bargain compared to London, New York...
-Miami's affordable real estate <$300,000 will remain strong in 2017
-Miami's middle real estate ($300,000-$999,000) will readjust in the condo market but the single family will stay strong
-Miami's luxury > $1M will decrease in price since there is an oversupply
MIAMI IN FIGURES
SINGLE FAMILY HOUSES
-Inventory up 14% and sales down 11%
-Houses above $1M increased their inventory of 55%
-6 months of inventory which is rather normal
-2,549 condo available in Miami Dade in Dec 2016
-75% additional inventory in the last 2 years
-14 months of inventory (should be from 6-9 months)
-$1M> condos : inventory up 16 % and sales down 16%
-$1M< condos: inventory up 19% and sales down 22%
DO NOT MISS !
March 1-31 // Shop Miami Month Take advantage of the discounts of the malls, shops.
March 3-5 // World Golf Championships-Cadillac Championship It's not only about golf but also fashion, food and music.
March 3 - 12, 2017 // Miami International Film Festival 131 documentaries, short films from over 40 countries. Don't miss Rossy De Palma, Pedro Almodovar's muse.
March 5-11 // Bacardi Miami Sailing Week Different teams will compete in the Biscayne Bay
March 20 - April 2, 2017 // The Miami Open (formerly the Sony Open) The best tennis players will meet at the Crandon Park Tennis Center.
March 21-26, 2017 // Winter Music Conference & Ultra Music Festival If you like electronic, Miami will host different Djs from 70 countries.
March 26, 2017 // The Deering Seafood Festival It's not only to taste new flavors but also to assist in cooking shows and listening to live music, Tickets form $15.
Upland in a famous restaurant in New York city. Stephen Starr just opened a new one in Miami Beach, at 49 Collins Ave. The cuisine is Californian inspired thanks to the chef, Justin Smillie, who grew there.
I've been there for dinner but it's also open for lunch. The place is very cozy but yet chill. There's an outdoor patio for those of you who hate the freezing A/C.
The menu very eclectic but for a small appetite don't miss the crispy artichokes or the crispy polenta. I would also recommend the delicious lamb chops. I haven't tried the rest of the menu but I saw at the table next to ours the bucatini cacio e pepe which seemed to die for ! You can't go wrong choosing Upland for dinner or brunch. A little on the high price though
WHY CHOOSE MIAMI?
-Miami is the most international city in the US(Source: US Census Bureau-2014)
-2nd fastest growing economy among large US cities (Source: Wallet Hub-September 2015)
-2nd largest health district in the US (Source: University of Miami Life Science & Technology Park-2016)
-Happiest city to work (Source: Career Bliss-January 2016)
-Most-searched US city for international buyers(Source: Realtor.com - November 2016)
-2nd best place where to start a business (Source: American city Business Journals study of small-business vitality - April 2016)
-America's cleanest city (Source: Forbes - 2008)
-8th Most populated region in the US (Source: US Census Bureau - March 2016)
DEAL OF THE MONTH: YACHT CLUB AT PORTOFINO UNIT #2011
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