Home Buying – Leveraging On The Growing Condo Market In Miami

Waterfront locations, pleasant climate and a vibrant lifestyle are the reasons many people are investing in Miami properties. If you are apprehensive of buying an expensive property, condos are a somewhat less expensive alternative. Apart from pricing, living in a condo also offers you a maintenance-free lifestyle.

Whether you are a taking a leap from renting a property to buying one for the first time or simply purchasing a second home, the best buy for today’s modern individual would be a condominium. It provides a low-maintenance lifestyle suitable to most people, especially retirees who are increasingly trading their high-end homes for condos.

A report by National Association of Realtors (NAR) suggests that the residential international sales for the year ending March 2011 in the US increased significantly to $82 billion from $66 billion the previous year. The figures include both non-resident foreigners and recent immigrants leading the recent resurgent interest in the real estate industry, where Miami is the main beneficiary due to its world-renowned reputation and luxurious skyscrapers.

While much cash has been pouring in from the international investors, buyers in the US are inclined towards condos as well. Waterfront location, a pleasant sunny climate, happening culture and many business opportunities are factors that draw people to Miami. Add the blossoming retail and residential development in the area, and the city can be crowned as one of the most preferred places to live in.

The new wave of development has given way to the high rise condo units in Florida. Figures show that there’s has been a mad rush to grab these condominiums. In Miami alone, development has begun yet again after a few years of stagnation, and the projects in preconstruction sales this year are being sold rapidly – a good indication that the condo market in Miami is performing very well.

Foreign activity and sellouts are giving way to the new condo construction. By all accounts, the future of condo market in Miami looks shining bright as the leading real estate market in the country gives you a great selection of condo units. Again, the price of a condo is the major reason for many to buy a condo rather than a single family dwelling.

Condo prices at the moment are at a big discount from the peak, which makes them the most affordable choice. If you are confused on whether buying or renting a condo, buying in this market is typically favorable as you can leverage on tax deductions such as interest on the mortgage. Furthermore, living in a condo sets you free from several of the general chores associated with owning a family home, such as the maintenance of yard, pool and exterior.

Searching for a condo for sale involves the same process as that of a single family dwelling. If you have an idea of what sort of condo you are interested in, you can contact a real estate agent. If you want to find one on your own, you can search a realty website. On these sites, you get all the information about available condominium units in different areas of Miami along with the property images, condo features, prices, amenities details and more.

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