Miami-Dade County’s ultra-luxury real estate market, comprised of single family homes and condos that have sold for $10,000,000+ remained highly active in Quarter 2 of 2021 when compared to the same quarters of 2020 and 2019.
As a realtor who has been actively involved in Miami’s hot pandemic housing market I can tell you that the demand for homes here in South Florida is still huge. In fact, two of my recent listings received offers sight-unseen and there were bidding wars for each of them, with one receiving a whopping 17 offers!
In the era of Covid, where we have continually heard about labor and supply challenges, it is not surprising to me that prices have gone up. With the tremendous demand for housing in South Florida, it is no surprise that the study found that the value of new-construction single family homes in Miami, Ft. Lauderdale, and Pompano Beach was up 23% year over year.
Will the convenience of a commute from your bedroom to your desk win out over a higher salary and a long drive to the office? It will be very interesting to see whether we have another influx of out of state buyers.
It’s official: Trader Joe’s will open its doors in Coral Gables in 2021! Located at 211 South Dixie Highway, it will be in the Gables Station complex, a mixed-use development that includes Lifetime luxury apartments, 2 acres of park space along the Underline, additional retail space, much-needed parking, and connectivity to public transportation.
If you own a luxury condo in Coconut Grove, which I am defining as a condominium unit that will sell for $1,000,000 or more, then now is the time to sell! We are seeing shortages of listings in this market; in fact, in September 2021 there were only 8 units for sale, which is a stark contrast to the 30 units available in the same month of 2020.
Mortgage rates are expected to rise to 4% in 2022, according to CNBC.com. Rates have been historically low so buyers have been spoiled, but 4% for a 30-year fixed mortgage is still a great interest rate.
According to Fannie Mae, the Federal National Mortgage Association, the median price of a home in the US is expected to increase by 7.9% between the fourth quarter of 2021 and that of 2022. Real Estate prices should continue to increase next year as well.
Because overseas visitors are once again able to come to the U.S. and, more specifically, to South Florida, I also think that we will see a large uptick in foreign real estate investment.
