Sunny Isles Beach, FL -- (SBWIRE) -- 01/16/2017 -- It is important that all the stakeholders or professionals in the Miami luxury real estate business get to know how the market environment is performing. Things change, and when they do, there is need for adjustments and modifications. Compared with the rest of the years, 2016 has been a year of softened sales. The market has been almost outright grim. And that's not only at Miami, but everywhere else within the US. High-end condos are slowly losing it in terms of price altitude. People are becoming more sensitive to the high prices. However, not everything is going down on the negative. We have witnessed so many luxury condos being constructed and opened at Miami. And more are still being constructed. That says that not all investors have panicked due to the market conditions. They see something good in the market.
Declining foreign influence
Some years back, the Miami luxury real estate market was dominated by the foreign investors and buyers. That has changed significantly in the 2016 financial year recording a decline to more than two thirds of the sales. The economies in the South America are generally under recession, and that has been a blow to the market too. However, we cannot conclude that the foreign sales are gone or will be gone forever. Considering that Miami has the appeal to everyone around the globe, there will still be interest to own part of the south Florida.
Climate changes
To some buyers, this is an issue. Those concerned however are only a small percentage. 2016 being the political year of campaigns, this issue of climatic changes and rising sea levels has been made a topic of concern. Buyers want to know what the situation is like before they can make a decision to buy a condo around Miami. Luxury being the interest number one, you can understand when buyers get bothered about climate change. They simply don't want to see floods around their homesteads. With climate change being a global issue, you can expect that resources are being used to minimize the risk. The most desirable places are still Acqualina condos for sale, Estates at Acqualina for sale, Mansions At Acqualina For Sale, St Regis Bal Harbour condos for sale, Turnberry Ocean Club for sale, Oceana Bal Harbour for sale, Ritz-Carlton Sunny Isles for sale.
Buying versus renting
It has been a trend in 2016 and has impacted the sales of luxury real estate in Miami. Clients want to know which the best time to buy is and when it might be better to rent. As a matter of fact, the time is ripe for many to own condos and luxury homes around Miami. As it has been, the prices of the condos have recorded a decrease starting from last year till May this year. For some, they still want to rent the condos. However, most of the developers are constructing luxury projects specifically for selling out. A point to note however that, the wage growth is at 4% while the luxury home price growth is at 9% every year. That is not a good sign concerning the purchasing power of the buyers in the current economic times.
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About Yuliya Kachko Group
Yuliya Kachko Group (ONE Sotheby's International Realty) is located at 18288 Collins Avenue, Suite 1, Sunny Isles Beach, FL 33160. The website is http://www.ykrealestate.com/. Business phone number is 305-310-9305. Prospective buyers and sellers can also send their inquiries to ykachko@onesothebysrealty.com. Interested clients can fill in and submit an online form and will be contacted by any certified representative from ONE Sotheby's International Realty.