Miami has long been the playground of the rich and the famous. Now, with the real estate crisis creating a nexus of low house prices and increased foreclosures, the middle class can live large without the having to spend an entire savings on it. In hopes of attracting more investors, Miami is starting a campaign targeting international property buyers.
The Realtor Association of Greater Miami hopes that foreigners wanting to take advantage of the weak dollar and housing prices will head to Miami. Foreign investment has been a boon to the fragile Miami housing market.
The housing bubble in the State of Florida was tremendous. When it burst, thousands of properties – both residential and commercial – were left teetering on the brink of foreclosure or short sale. In fact, Florida was one of the worst affected markets and prices have hit rock bottom.
Foreign investors are likely to be enticed by Miami as a haven for virtue and vice all converging on its sizzling beaches. Miami is considered a premiere tourist destination, coddled in the lap of luxury. It’s a city of reinvention and innovation, a quality that is likely to aid in its real estate recovery.
The selection of properties in Miami is great. Waterfront properties that were once priced in the millions can be had for bargain prices. Even mansions are more affordable. The current push will, however, create an incredibly attractive market and the bargain prices may not last for long.
Written by Lani Shadduck
HULIQ.com
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