Apparently, South Florida’s economy is doing a little better than the rest of the Southeastern part of the United States. Miami, in particular, has been faring very well lately with steady job growth, and our favorite aspect, a strong real estate market in both the commercial and residential sectors. Fortunately for Miami, its status as an international city has attracted a lot of foreign investment for its high-end real estate. Plus, sunny South Florida always manages to escape the brutal winters that impact the Midwest and Northeast. This past winter was particularly unkind to the rest of the country, which hindered economic growth elsewhere, but may have actually helped boost it down here in Miami.
Anyone searching for current Miami properties for sale will see that there is a healthy supply of condos and single family homes on the market, as well as solid demand for them. If you are into numbers and statistics, you can learn more by taking a look at our most recent South Beach real estate market analysis.
As for other signs that the economy down here is thriving, we noticed that South Beach had a particularly busy tourist season, with hotels charging significantly more than last year and achieving significant gains in their occupancy rates. In addition, the influx of international guests continues to surge, and many of those foreign visitors are spending even more money than tourists in the past. Much of this is likely due to the fact that a number of South Americans have been making their way to Miami. Many of these individuals are coming from countries whose own economies are prospering greatly, and as a result, they are arriving with more spending power.
Additionally, Florida’s unemployment rate is below the national average, and considering how important the tourism sector is in our state, we are hopeful that the increasing number of visitors, as well as the injection of cash that they provide, will lead to additional gains. All of this bodes well for Miami, and we are optimistic that things will continue to improve in the coming months!