Last month I was able to spend some time in Miami, Florida with a great agent that recently moved down to the area. I was there for a conference with a global real estate networking company, called Leading RE. While I was there I thought I would check in with my good friend, Arlo Dissette and see how his home search and buying process was going. When you’re submersed in the industry like we are, it’s neat to learn what is going on in different markets round the country. Lucky for me, Arlo had just purchased a home and was becoming more fluent with the local market.
Miami is a very large metropolitan area, comprised of different neighborhoods and cities. Some parts are easily defined, as water and water ways naturally split up the land. They also have a large National Park which boarders to the west, which limits land expansion to the west. Miami is a very diverse city, with a very large Spanish population. You can see the influences literally everywhere! Most people think of Florida as laid back and retirees, but Miami is a very bustling city. Evidence of the rapid expansion and growth, I counted 27 high rise cranes lifting the skyline even higher into the air. This was simply an amazing example of building evolution to witness!
The Miami area market has rebounded very well. Short sales and foreclosures have decreased dramatically from the height of the recession, and values are rising steadily fast. Certain pockets are doing better than others, as with any large metropolitan area. The most insightful item I took out of my conversations with Arlo was that amount of foreign investors pushing their monies into the Miami real estate market. Arlo mentioned that large neighborhoods and even cities were almost bought outright by investors during past investment cycles. They knew our market would rebound and knew real estate in the United States was a smart investment. Now you see large communities, solely filled with certain nationalities and their nostalgic décor.
It’s amazing how much insight you can gather from a simple lunch with an old friend! Stop back to read more blog articles on different areas our agents and staff has traveled to, always a good read!