Miami Property Values Still Hitting Record Highs

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Even though the weather may soon be cooling off, the real estate market is certainly not! 2016 has been one for the books so far, with prices continuing to surge – including one of my own record-breaking sales. This past month, I helped a seller close on a prime parcel of land on South Bayshore Drive in North Coconut Grove. The property sold for more than $108/sq. ft., which has been a record price for land value in North Coconut Grove for single-family homes.

Over the past year, homes purchased in the Miami housing market have appreciated by nearly $14,000, and compared to three years ago, homes purchased have appreciated by an average of more than $92,000, beating national averages both times.

Even as foreign investment from Latin America has slightly slowed, foreign investment from countries like China has increased dramatically, as buyers looking to put their money in real estate are finding Miami more affordable when compared to cities such as New York or San Francisco.

There are also tax advantages to buying property in Florida, such as the homestead exemption and the absence of state income tax, both of which have buyers from around the U.S. very interested in the Miami area.

For renters, Miami now ranks in the top 10 nationally for average rent prices. According to one study, the median price for a one-bedroom was priced at $1,870 in August. In July, the total taxable real estate surged to $251.3 billion, marking a $5 billion increase in values since they last peaked in 2008. Many expert analysts consider the resurgence in this current cycle to be more mature and reliable than in the past.

One thing is for certain at the moment: prices are still hitting highs, which can determine if now is the right time for you to buy – or if now is the right time for you to  sell.

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