How much do we love Miami?
Let us count the ways.
248. The number of sunny days per year. (Yay!)
11+. The number of capitals you can reach by direct flight, including London, Paris, Istanbul, Lisbon, Dublin, Doha, Rome, Vienna, Madrid, Amsterdam, Buenos Aires and many more.
24,300. The number of new jobs created in 2018, which equates to >5% growth.
15. Rank in population growth among major American cities.
0%. The amount of state income tax paid by Florida residents.
63%. Percentage of foreign buyers (compared to 39% nationally.)
In a nutshell, Miami is amazing. It’s a growing 24/7 international city with a unique culture, perfect weather and enviable tax benefits for residents. What’s interesting is that Miami condos are currently on sale--for a few reasons:
- There is an oversupply of for-sale condo product.
- The foreign bid has dried up. More than half of Miami’s foreign buyers come from these countries: Brazil (12%), Colombia (11%), Venezuela (11%), Argentina (8%), Canada (8%.) Many of these countries have economic woes of their own and many Latin American currencies have fallen tremendously versus the dollar.
As a result, sellers and developers “are in extreme pain, transaction volumes have collapsed, properties on offer have exploded.“
We think that makes it a very interesting time to consider buying Miami condos. There are tremendous deals to be had in the Miami market right now.
Compound is reimagining how the world invests in residential real estate. Stay tuned for some exciting updates.