Miami Beach Real Estate Blog

According to a recent study released by the National Association of Realtors, approximately 25% of all international purchases in the United States are occurring in the state of Florida, which represents a significant target market for anyone interested in selling in today’s buyers market environment.  Especially in the Miami Beach area (particularly in South Beach), which is a top tourist destination for Europeans and South Americans, this represents a great target market for today’s sellers.  We have a multi-platform and mixed media international marketing programs focused on targeting these foreign buyers.  I also have been attending real estate trade expos and have built an extensive brokerage & sales network covering major European & South American markets.

I’m also personally working with average of two new foreign buyers every week, with the ALL of them looking to take advantage of the still advantageous Dollar to Euro Exchange rate.  However, it’s important to note that these are also savvy buyers and ALL are looking for a “deal”, looking to take advantage of the extensively reported South Florida housing slump.

One of the key sales strategies that I constantly emphasize to my team is the necessity of educating these foreign buyers, and setting realistic expectations for a “great deal”.  For example, purchasing at the Continuum South Beach for just under $1,000/S.F. today is a “great deal”, but in downtown Miami a buyer can get a “deal” for around $325-$350/S.F.   We just sold a spectacular direct oceanfront two bedroom condo in the South Tower of Canyon Ranch (#S1705) for $667/S.F. using the above referenced sales & marketing strategy.

My unofficial Top 10 Miami Beach foreign buyers for 2008:

1.    Canadians
2.    Mexicans
3.    British
4.    Germans
5.    Italians
6.    Russians
7.    Brazilians
8.    French
9.    Venezuelans
10.  Argentinians

Hello Friends:

I would like to share an interesting and accurate story that aired throughout the day Monday on FOX News and explains that Florida is #1 of all the states in the U.S. in foreign buyers now with 26% of the market followed by California & Texas. The story specifically sites Downtown Miami & South Beach as areas attracting these buyers.

I am personally witnessing this myself as I currently have several pending deals with foreign buyers using Euros. I strongly believe that now is the time for educated buyers to come in and get some great deals on properties in PRIME waterfront locations.

Click on the picture below to have a look.

The Real Estate Diamonds in the Rough

Miami Beach real estate can no longer claim to appeal strictly to people with six or seven figure salaries. Today the surplus of properties up for sale in the city has eroded prices, revealing plenty of possible investment prospects for those willing to ignore the steadfast doom cries of the real estate soothsayers and find their next lucrative opportunity.

If you’re renting at a condo like Terra Beachside Villas or ICON, it may come as a slight shock to be told that the money you’re plunking down for your lease is potentially going to waste. Instead of it becoming something that will return you a long term profit, you’re periodically losing hundreds.

Recent news reports show overall property values have plummeted to an eight year low, which essentially equates to being able to actually live in that luxury condo by the ocean closer to an imminent reality than the future pipe dream it once seemed. Pre-construction units continue to materialize and their prices also come with an increasingly reasonable price tag. If you decide to simply wait it out and join the legion of â¬Sdoomers⬝, don’t be surprised if you find yourself possibly regretting that decision once the market returns to a healthier state.

Since you’re already living in Miami Beach, it’s safe to assume you’ve got fairly deep pockets. If you’re managing that spare change in order to pay off your â¬Spad⬝ in the next decade or so it’s quite likely the market will be in better shape come that time which means your condo’s value would likely have increased substantially.

If you’re not in it for the money, that’s fine. Then again, a hint of bragging bravado never hurt anyone. You may find yourself filled with giggly delight as your friends and loved ones stare in amazement at how you were capable of conjuring the funds for that bewildering three bedroom sanctuary with all the bells and whistles that often come with the word “luxury” attached to them. Obviously you didn’t pay anywhere near the princely sum they have in mind but that will be your own little secret.

Nobody’s telling you to go out and splurge on the first property that catches your eye but, just like the old adage “misery loves company”, don’t just sit around with your arms folded like so many of these pessimistic real estate enthusiasts and let a potential opportunity pass you by. After all, there’s absolutely no harm in looking.