Condos in Miami again on the buyers’ list

“For the past three years most of our business has been working with foreclosures in Miami , short sales and the rental market,” says Ethelbert Bascom president of Florida Home Sales and Investments. “However, we see a definite change this winter, where we have been seeing both investors and local buyers starting to invest again in the market and condos in Miami are now again becoming a hot commodity.”

Blooming Rental Market

“Miami continues to attract visitors due to its unsurpassable weather, exotic night life and our great beaches, not to forget it’s an absolute boater’s dream,” says Ethelbert and continues to say that both long term rentals and short term have been booming in the past years. “When people didn’t trust the market in the meltdown, rentals went up, as could have been expected. The rental market here in Miami has always been a stable market because of all the things this area has to offer.”

Surge in Rental Prices

“But these past years we’ve seen more action in rentals from local clients - a group that would normally be both renting and buying in a more stable climate. We are, however, seeing a change with this group as rental prices have gone up, whereas real estate prices have not gone up as much in comparison.”

Old Clients Coming Back

With real estate prices plummeting during the meltdown, investors were still shy of investing in the overall market because nobody knew what the meltdown would entail in the long run. But now the worst of the recession seems to be over. “We are seeing much more belief in the market now. The short sales are drying up, which is a clear sign of the market climate changing. Although foreign investors are still the majority in the investing market in Miami we are now for the first time in three years seeing local investors returning to the market. Our old investing clients are increasingly coming back and getting into gear to work the market again.”