Miami Condo Report Newsletter

When most people think about "the good life", for many, vacationing, or better yet, living year-round in South Florida is one of the first things that comes to mind. Each year, almost 20 million people travel to the Miami area, and of them, many of said seekers of sun, sand and surf eventually make the decision to relocate to the Sunshine State.

A key question for those who are considering investing in one of the most attractive real estate markets in the U.S. would be, what type of property is best for me? For many who move to South Florida, the condominium is a highly-appealing form of home ownership. A condominium, or condo for short, is the legal term used in the United States for a type of joint ownership of real property in which portions of the property are commonly owned and other portions are individually owned. In recent years, the condominium industry has been booming in many major metropolitan areas of the U.S., particularly in Miami.

A report issued in 2005 on the housing market projects that even if interests rates climb, South Florida residential real estate will continue to grow in value. What rising interest rates will determine is how fast real estate values are going to increase.

The report comes from industry veteran Michael Sklarz, chief valuation officer for Fidelity National Information Solutions. Sklarz reports that South Florida homes were slightly on the high side of the national average--28 percent over value for Miami, 22 percent for Fort Lauderdale and 11 percent for West Palm--but still undervalued compared to other coastal cities.

Because of the current rate of condo construction, there hasn't been a better time in the last 30 years to purchase a luxury condominium in South Florida, especially for international buyers from Europe due to the strength of the Euro relative to the Dollar. The surplus of units in the marketplace has caused asking prices for many new projects, to include those from $1,000,000 and more, to be reduced, sometimes by as much as 30 percent, making it a buyers market.

Foreign investors find the South Florida real estate market particularly attractive because of the stability and security they find here. Those who chose to purchase condominiums are generally swayed by the fact that the buyer can get more for his money in terms of actual square footage. Another advantage is that the Homeowner's Association takes care of the outside of the building, and the owner is responsible only for the inside, thus, maintenance concerns are significantly reduced. Another alluring feature is that of amenities, such as pools, hot tubs, waterfront living, barbecues, tennis courts and more that are to be found at luxury condominiums in South Florida.

Last but not least is the issue of appreciation of investment. Nationally, home prices are up more than 50% in the past five years, and in 30 cities -- including San Diego, Los Angeles and Miami -- prices have doubled. In 2003 condo appreciation actually exceeded home appreciation in many markets, and this trend continues today, making the purchase of a condominium a particularly sound investment in current market conditions.

Whatever your reason for moving to Miami: work, year-round warm, sunny days, the beautiful beaches, to be close to family, or perhaps simply for a change of scene and society South Florida style, you will be sure to find an wide selection of condominium homes from which to choose at prices that represent an appealing opportunity to be part of Miami's leisurely lifestyle.

Source : http://www.condocompany.com/