The year is about to come to a close, which means exciting new times for markets like Miami Beach real estate. As we get ready to welcome 2016, let’s take a look at where the market is now compared to the predictions that were originally made before 2015.
It was estimated that over 6,300 new condominium units set to be located east of I-95 would be completed during 2015, with 5,400 of those units being located in the city of Miami. Of these projections, eight percent of these units have been completed.
February marked a boom in high-end luxury penthouses, particularly in the South Beach area. The Continuum II for example had a penthouse with an asking price of $50 million, and it was only one of many Miami Beach penthouses commanding a handsome asking price.
In August, foreign buyers flooded the market, resulting in Brazil becoming the number one country among foreign countries buying or searching for properties in South Florida, like Miami Beach real estate. In fact, Brazil has continued to be the number one country for all of three months during 2015. Speaking of foreigners, a greater number of Chinese residents are now living in Miami, a number that was up to 45,000 back in October.
This update is brought to you by Miami Beach waterfront rentals, spearheaded by Miami Beach real estate agent and broker Julian Johnston. We provide information on homes and condos throughout the barrier island including the Miami Beach Islands, and you can easily customize your rental search by price and the dates you’ll be staying. Call 786-408-0322 for more information on rental properties in Miami Beach and beyond.