Florida: number one in cash transactions
Once again Florida is the number one state that records cash transactions for the sale of real estate. With the advent of post crisis real estate boom, investors have chosen to leave behind mortgages and financing for the purchase of condo units. In fact, the new offering of ultra luxury apartments usually provides easy installments and deposits of approximately 50%.
The cash payment is a new type of investment that occurs in response to the 2008 financial crisis and in june, 51% of sales of houses and condos in Miami areas was recorded to be done in cash. On another hand, Miami Beach and Kendall and Fortlauderdale registered a 58.5%. This makes Florida the first state in the nation with cash transactions. Meanwhile, the outlook for the country shows how, in the whole nation, cash sales fell 33%.
Miami shows an atypical growth even though the historical context in which it is located. That's why investors prefer this market. Developers are building increasingly elegant and luxurious buildings and the numbers continue to rise. Definitely investing in Miami is a long-term business that leaves profit. Investing in real estate in Miami ensures a safe investment.
In this scenario, Latin American investors are primarily responsible for much of the revival of the real estate boom in South Florida. According to an analysis presented by the company ISG, the transaction information from the South American market specific trends emerge that indicate preferences that each country has at the time to invest. The South Americans today invest in cash.
Those who know the markets and investors are aware that the law profession number one is "buy low then sell high." Miami is a city that gives this possibility and, therefore, has become an investor paradise that continues to grow as time passes. That is why today the number of preconstruction condo units continues to rise and shows no symbol of stopping.
Even to continue the streak, the best development companies have explored markets like Edgewater in order to continue supplying to buyers of units with sea views. Dowtown Miami and Brickell are running out of place to build and provide spectacular views. Thus this boom has the side effect of urbanization in different areas which will be interconnected by a modern integrated transport system.
Result of the investment, Miami is growing and urbanizing at an unexpected rate. Today the city is ready to welcome over 14 million visitors annually. Definitely South Florida will soon offer amenities similar to what New York provides, and in the long term, it will probably exceed its total population. Increasingly, Miami is closer to being the great cosmopolitan capital that residents always dreamed of.
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