PRWEB UK) 29 July 2013
Commenting on the latest figures, Loxley McKenzie,
Managing Director of Colordarcy said, “Apartments and condos in Miami are
currently in high demand. Colordarcy has seen a surge in enquiries with prices
relatively inexpensive for one of the world’s most dynamic cities.
"Only two property markets in the world have
managed to outpace Miami for growth. With some way to go before we can say that
prices have recovered to the long term average rate of home price inflation,
there is almost certainly more growth to come.”
Miami condominium sales increased 5.5% to 1499 in
June which compares to the 1421 sold in June 2012 according to the latest data
(Source: Miami Association of Realtors 'Miami Condo Inventory Slightly Rises,
Remains Insufficient to Satisfy Demand', Jun 26, 2013). Colordarcy highlight
that Miami apartment and condo prices have now been rising for 19 consecutive
months.
There is currently only 5.8 months of supply of
condominiums in Miami-Dade which puts into perspective why prices have been
rising so consistently.
Analysts at Colordarcy point out that despite low
stock levels, apartments in Miami are available from just $69,000 which makes
prices exceptionally low by European standards. This brings potential yields
for buy-to-let investors up to the 8% mark as rents continue to rise steadily
in the city (Source: Rent Jungle, July 2013).
The balance between the cost to rent compared to
the cost to buy is tilted in favour of those buying, yet locals are often
unable to secure finance to invest leaving foreign investors to benefit from
the high monthly rents currently being charged to tenants.
It currently costs in the region of $1,642 a month
on average to rent a one-bedroom apartment in Miami with two bedroom apartments
averaging $2,268 per month. (Source: Rent Jungle, July 2013).
McKenzie added, “Low property prices, high rental
yields and month on month increases in property prices are making Miami a
magnet for property investors at the moment.” * Article taken form the Miami
Association of Realtors website.
To see Miami Properties Go to http://www.JuanSolerRealtor.com
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