South Florida properties are flying off the market, and in response developers are choosing to expand projects so as to keep up with the growth of interest from investors. The rapid speed of sales means that buyers have been getting on average about 95 percent of the original list prices, so people are eager to keep churning out properties in order to capitalize on the revitalized market. Miami’s developments in particular have noticed a huge growth in demand for units, with SLS Brickell selling out all 450 units within a month of their launch, and this has spurred many to expand projects in order to accommodate all the potential buyers. Although this growth many worry some still wary given the recent recession, contractors feel the vitality of the market is steadfast given the overall health of the economy. According to Sonia Figueroa, who is responsible for marketing the new development One Paraiso, “This is a very different market. It’s a healthier market because we’re requiring 50 percept of the cost of the unit. When you have those figures, I don’t think it’s a speculating market.” One Paraiso is one of the multiple complexes in high demand, with 95 percent of their units already sold, and the project recently expanded due to booming demand.
This is a welcome change and many are excited to see the growth of new inventory happening all over the city. Luxury condos in South Florida are a hot commodity as the area’s reputation continues to grow, so if you are thinking of investing in a commercial or residential property now is the time. Contact a RE/MAX agent today to see all the amazing listings available!