The future of the Miami real estate market is bright. The economic growth in downtown Miami, with new construction both on the residential and commercial fronts continue, both make the area appealing to residents, and to those considering relocation to the area.
An article in CNN calls Miami ‘One of the Hottest Zip Codes’ in the country. The future, according to experts, is for growth to continue for at least the next ten years. As in other Florida areas, pre-construction sales are at a premium right now, with many new projects sold before building is complete. This, of course, means that prices will continue to increase throughout the Miami/Dade region.

Not only is Miami a good best for the investor, but it’s also a great time for the seller. With new construction, comes new business, and with new business, comes new residents. Both make it a market that is appealing to both the buyer and the seller.

Miami is the home of the Performing Arts center, and the Design Art District, both a favorite of tourists. There is an influx of new residents into the area, both retirees and families looking to relocate to a warmer climate.

The storms of 2004 and 2005 did little to dampen the interest in the Miami area. Beaches, city life, and a great future for employment make it appealing to those looking to relocate. While the West Coast is expected to slow, no such showing is predicted for Miami and surrounding areas. MSN Money states that Miami is one of the markets that continue to grow, while other areas are on the decline around the country.

Condominium resale is currently at $300 per square foot, and up. Due to the expected growth, the area will appreciate. While prices are lower in Miami than in other Metro markets, this makes it more appealing to investors, who know, based on research, that this pricing won’t remain low. Economists at Fiserv Case Shiller Weiss predict that the Miami market is going to ‘sizzle’. There is good reason to trust their predictions, as they have a great success rate, with only a 2 percent error rate. They forecast Miami to go up 13 percent between 2005 through the first quarter of 2006, making the Miami market one certainly on the rise.

According to the Miami Herald, the average time for a property to be on the market in Miami is three weeks. The average single-family home is priced at $282,000. According to HouseHunt’s survey, the market currently has more buyers than sellers, with sellers at 31 percent and buyers at 69 percent.

The condo market in Miami is growing as well. It is targeting both middle-class and higher income levels. While beachfront properties are extremely expensive, properties just a few blocks inland can save the buyer money.

Miami has a huge financial district, which only adds to its appeal as ‘the place’ to relocate to. There are over 60 commercial banks in the Brickell area, making many term Miami as ‘The Wall Street of the South” to the financial community. The downtown area is great for those that prefer the city area to the beaches. Currently there is construction set to be complete in 2006-2007, with prices, again, increasing, rather than falling. The Brickell area alone has several buildings set to complete within the next two years, with prices starting in the $200,000 range, an up.