In Miami Beach and Sunny Isles, and along the Dade County, Broward County and Palm Beach corridor, luxury beach front properties have captured the attention of foreign investors. These investors have no intention of living in the properties they have purchased. Rather, they are renting them at present and plan to sell them at a profit when the housing market recovers. Many pay cash for their investments which averages $200 thousand. Others, with only 30% are financing the purchase of luxury condos with very favorable terms.
Florida is the Sunshine State. It should also be known as the fun state. Throughout the state are theme parks, water-parks, wonderful sand beaches, professional sports, and great dining and nightlife. In the 55 square miles encompassed by Miami Beach and its neighbor Sunny Isles there is a coming together of all that Florida has to offer.
This has not gone unnoticed by foreigners who, as reported by the Palm Beach Post, account for 30 percent of all property sold in the Palm Beach to Miami Beach area. Also, as reported by the Palm Beach Post, these buyers are paying cash, on average, $200 thousand dollars for a property. In addition, the Post says that often foreign buyers can buy a higher priced condo in Miami or Sunny Isles property with only 30% down and finance the rest. Among the hottest properties for this foreign market is luxury Miami condos and Sunny Isles real estate. This surge in foreign investment in the Miami condo and Sunny Isles market is due to the lowering of prices in the luxury Miami condo market and Sunny Isles luxury beach front properties coupled with the ability of foreign investors to get favorable mortgage rates.
For decades, Sunny Isles has been a vacation Mecca for French Canadians, many of whom own condos there. However, it seems that foreign investment in Miami condos for sale and available Sunny Isles real estate by foreigner is truly for investment. Many buyers, given the favorable buying conditions that are presently in place, are using these properties as true investments. Short term they are renting them out, long-term they are waiting for the real estate market to recover and eventually cash out of their investments at a good profit. Investors, unlike other sellers can wait for the market to recover.
The current real estate market for Miami condos is definitely a buyers market. Many folks are in danger of foreclosure or simply want to cut their losses on a home that they continue to pay the mortgage on, but, they are paying for a mortgage that is for more than the home is now worth. This phenomenon is called 'being underwater.'
Foreign investors have made a smart decision. Renting a condominium on the beach is an offering that many people find attractive. Thus, the investor can begin earning money while waiting for the market to come back.
Then, the investor will be able to sell the property at a profit. The rental allows the investor to capture his recurring costs until selling.
Oceanfront Realty features technologically trained and high-traffic Internet experienced realtors. Our main focus market is Sunny Isles real estate and Jade Ocean Sunny Isles luxury condominiums. SunnyIslesRealEstateCondos.com provides instant and continuously updated information on the best in Miami real estate.
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