Selling Miami Real estate what do you need for a success?
The last 5 years have been challenging for real estate professional across the country accept perhaps Miami, Sunny Isles, South Beach and Brickell for the last year and half. The prices in those cities for real estate have been fueled by foreign buyers all over the world who were encourage to buy US assets now while the US dollar depreciates against the Euro, rubel, peso, real or Canadian Dollar. Just name the currency. All these factors been supported by strong demand and high prices for oil, raw materials and a vision that Miami has become an international city like New York, London or Paris.
What do we see now? The dollar has appreciated or at least retreated almost 20% against the Euro. The stock market is not going anywhere waiting for November's elections and prices are not so cheap anymore as it were 2 years ago. What all this means for Miami real estate? Unless the US government decides to start exploring for oil and decrease prices for oil, the prices for Miami real estate will continue to climb. Why? 8-9 out of 10 new buyers are from Brazil, Russia, Venezuela and Mexico where exports are heavily base on raw materials, oil or metals. Taking into account that the conversation about starting exploration of oil inland or at least not so deep offshore, taking more than decade will probably reveal a new high for Miami real estate before the new correction.