July 13, 2012
Miami did see a decrease in sale prices over the last several years, similar to other parts of the country. Recently though, Miami has seen a jump in coastal real estate prices due to a few changes in the market and because of the many things Miami has to offer.
Coastal real estate prices in Miami have gone up about 20.0 percent over the last year. This increase is greatly due to foreigners purchasing penthouses and condos throughout the area. There has also been an increased interest in Miami coastal property from American buyers.
South Beach’s Continuum sold for $25 million this past May. This was the most anyone has ever paid for a Miami-area condo. Foreign buyers and a shortage of South Beach penthouses seem to be one of the main reasons causing this increase in sale prices.
It looks like this trend is going to continue. One reason foreigners and Americans are purchasing property in Miami is because of the taxes. Florida residents don’t have to pay state income tax, and they also receive a homestead. The homestead is extremely appealing for wealthy buyers. Home buyers receive tax breaks for full-time residents as well as other legal protections.
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