Is the Miami real estate market subject to another bubble and bust cycle like the one that we were exposed to in 2008? Many investors are concerned that buying luxury apartments in Miami might expose themselves to the turbulence of this once again super heated market. Whether you are thinking of purchasing one of the many apartments for sale in Miami or possibly a piece of Miami Beach real estate, now may still be one of the best markets to pull the trigger.
Unlike any other market in the United States, Miami is quite different in many respects. First, Miami is, and always will be, an incredible tourist destination. There are no dearth of visitors, and by extrapolation, a steady supply of possible buyers. Every visitor to our small piece of paradise spends at least part of his or her time thinking about what it would be like to live here. Therefore, if you choose to sell your Miami condominium, it will be much easier to find a potential buyer. In fact, many luxury apartments in Miami are on the market for very short periods of time. This quick turnover is a strong indicator that the market is strong.
Secondly, the business world has already discovered what an incredible opportunity Miami presents, especially when considering the cost per square foot as well as the proximity to Latin America. Any company that wants to conduct business in Latin America will find Miami to be a great gateway to that continent. As industries relocate to Miami, they will naturally bring many of their key employees to the area. These same people will be looking to purchase Miami Beach real estate or possibly a Miami condominium. These same companies will eventually expand and bring more employees to the area.
Third, for many years, Miami has attempted to bring casinos to the Miami area. This has not been authorized by the Florida legislature and has been a political issue for many years. However, in the last few years, gambling has incrementally been advancing in Miami. Gambling has been authorized by the legislature on Indian reservations in Miami and other cities around Florida.
Additionally, the Genting Group, which is the largest operator of casinos in the world, has recently purchased a large parcel of property in Miami. This company has invested over 236 million dollars in this acquisition of waterfront property in Miami. The company has proposed to build the largest casino project in the world. Even though they cannot control what the Florida legislature will authorize, there is a high probability that this will come to fruition. As one might expect, the addition of a Las Vegas style casino project to Miami would increase the volume of visitors and potential buyers to this city, and would result in increased property values. After all, there are only so many apartments for sale in Miami.
Since Miami Beach is a small confined island, with no more room for expansion, the values on Miami Beach real estate have no where to go but up. Purchasing a Miami condominium will only become more and more desirable in the future. The expansion of this 24 hour city continues to grow and will only lead to more and more investors looking for the perfect place to put their money.
It is for these reasons, that condomiami.com strongly believes in this city and what will happen in the future. While it is always possible that the cycle can continue, and that downturns can occur, in the long run, luxury apartments in Miami will always be desirable and therefore a commodity.