Condominiums Will Go Quickly This Summer

Condominiums Will Go Quickly This Summer

Are you aware of the real estate trends in luxury condominium sales over the past year? They are a bit odd, but tend to be an accurate reflection of a slow, and yet notable, economic recovery. This is best seen in the fact that luxury condominium sales have recovered to the point that they are now selling faster and in larger numbers than they were prior to 2005. They are also, unusually, selling at prices well below their traditional averages. For example, the average sales price held at roughly 0 to 0k, but in April of 2010 that dropped by a significant amount and bottomed out at around 0k instead.

Clearly, this reaffirms that it is still currently a “buyers market”, and the lowest mortgage rates in many years only substantiate this as a fact. This is also the reason that so many Europeans and South Americans have swept into Miami, and the surrounding areas, to grab up the luxury properties while the dollar is low and prices even lower.

This is a good opportunity for sellers and real estate professionals too because it indicates a ready and eager market. This doesn’t mean, however, that there is little to no competition to find buyers. Those coming to snatch up these fantastic deals are going to want to be able to enjoy their properties, but many are also looking to create reliable income streams through vacation rentals too. This means that most of the luxury condominiums being sought out by European and South American buyers will need to be promoted for their many amenities and good locations too.

For instance, some of the most important factors will include hurricane proof glass or building designs, swimming pool or beach access, plenty of secure parking, modern appliances, and front desk services on a somewhat regular basis.

Buyers are going to also love to know that the depreciation that swept the country’s real estate market had little to no effect on the luxury condominium market in the Miami area. It will be interesting for them to learn how quickly the occupancy rates have recovered in comparison to other areas of the state as well. For example, they will appreciate the fact that more than 60% of the luxury condos are inhabited on a full time basis, and that by the year 2012 it is anticipated that a 98% occupancy rate will apply. This is a great demonstration of the value and appeal of the buildings and will be necessary information for buyers and sellers alike.