Real estate in Miami is back to back. More and more realtors feel that the real estate market in South Florida is becoming a sellers market. Developers are not willing to have a steep drop in prices, just like it were just 2 years ago. For example, Trump Group, the developer of the new project Mansions at Acqualina have been accepting contracts with deposits at $950.00 per foot just 3-4 months ago. Now they are selling at $1,150.00 per foot. Almoust the same picture at Porsche Residences in Sunny Isles Beach and Regalia Sunny Ises Beach is shown, as asking prices are over $1,100.00 per foot.
To buy a property at St. Regis in Bal Harbour or Oceana Key Biscayne with ocean view will cost over $1,250.00 per foot. What I am trying to convey is Miami is like London, New York, Paris or Moscow, as it is becoming an International city and more and more foreigners are buying or considering to invest in real estate in Miami. For example, prices for luxury condos in Miami have appreciated at least 14-15% annually for the last 2 years, mostly due to foreign buyers.