Miami’s residential cycle is on the downside. But, it’s not a bust.
1. Lack Of Affordable Homes
Miami continues to see a high demand for homes under $500,000. Added to the mix is the fact that there has been a sharp decline in foreclosed and distressed properties.
2-Inpouring Of Money Has Slowed
Lower oil prices have slowed the inpouring of money into the area. Also, civil unrest in some countries, such as Venezuela has also slowed investments in luxury properties.
3.There Is Some Growth
Broward and Palm Beach counties do show growth. But, some project Miami-Dade will be lucky to break even. On another positive note, luxury properties are still being sought by those from the Far East. However, it should be pointed out that China has cracked down on investing abroad.