The Indestructable Florida Real Estate Market
Even after battling two devastating hurricanes, Florida is still hot on the preconstruction real estate market. Developers have turned what could have been a devastating situation into an opportunity for growth and rejuvenation all over the popular vacation destination state. People are seeking property away from the coasts in fear of yet another natural disaster, but this is relatively hard to come by on the peninsula, so real estate on the cliffs has become a new market. The elevation of the cliffs is unrivaled and still provides the ideal climate of the renowned Florida coastal properties.
The relatively new concept of the condo hotel is rapidly becoming a popular Florida preconstruction real estate investment opportunity. With luxury resorts popping up all over the sunny state, preconstruction investors are jumping on opportunities and either keeping their properties or flipping them for profit during the construction process. Aside from beachfront resort properties, developers are looking inward to already booming cities and building up. Miami is a prime example of such growth.
With a rapidly developing downtown touted as a “new Manhattan,” Miami consistently tops real estate professionals’ lists of investment hot spots. It’s sunny beaches, wild nightlife, and general colorful lifestyle give Miami definite appeal and developers are constantly looking for communities to renew and buildings to level and replace with new skyscrapers. The downtown area is filled with new stores, malls, restaurants, nightclubs, and other attractions that are drawing more and more people to Miami on a regular basis. Miami’s local government has also gone through its own renovation of sorts, adjusting laws and customs to a younger, hipper population of residents. The city has given itself a shot of life and preconstruction real estate investors are there to reap the profits. Statistics have shown that over seven hundred units can be sold in fewer than ten days for no less than $800 per square meter.
Miami buyer motivation varies from the relocation to year-round warmth and sunshine to owning a luxury property and renting it out to tenants for profit to the simple practice of buying low and selling high.
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