Luxury Market Setting Pace in Miami

by Isaac Benmergui, Esq on May 27, 2013

Room w windowsIn the last couple of months home values in Miami has risen so much that they now stand at their 2006 levels, especially for luxury condos and single-family homes.

The Miami Association of Realtors reports that the median price for existing single family homes in Miami-Dade is up roughly 24 percent from April of last year; median condo resale values are up 17 percent. High demand and low inventory are cited as the major reasons for the sharp increases and with the spring and summer buying seasons, this could be just the beginning of all-time highs in the market.

Investors from South America and Europe are also driving values up and inventory down. Many want to add more U.S. assets to their portfolios to avoid high taxation in their own countries and have poured money into the South Florida real estate market. Most are unconcerned about price and pay cash for the properties.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

 

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