Miami is seeing an increase in buyers who are in the city to make a home for themselves.
Miami is often talked about as a city that is flocked to by many foreign buyers. Some of the top countries in real estate buyers in South Florida are from South America and Canada. Sometimes these foreign buyers are referred to as “phantom buyers”: those who only own property as an investment, and will never step foot in or live in their properties.
However, many homes this year are being purchased by end-users, or people who will spend part or all of their year living in the property they own in South Florida. In a recent blog on the Huffington Post website, several reasons for the increase in end-users are outlined.
First, Miami is not just a great place to make an investment- it is a beautiful and lively place to live and conduct business. There are new museums and parks, world-class amenities, and neighborhoods have transformed for the better.
Many domestic US buyers are also choosing to buy homes in Miami because the city has lower prices than those in other large ones like New York City. Some of these buyers are choosing to make a new home in Miami completely, or buy a seasonal residence. International buyers have similar sentiments, enjoying the relatively low costs of Miami.
Buyers are finding many of new developments that offer walk-able neighborhoods, homey amenities, and all around a community feel.
Miami as a city will only become more lively and popular as time goes on. Buyers from both the US and foreign countries are making Miami their home. If you are looking to join one of the most upbeat, beautiful, and lively cities in the US, look no further than Miami. RE/MAX Paradise can help you find the perfect home there today!
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