Miami and Miami Beach have been known for attracting International buyers and, until recently, they have been the force driving our buyers’ market. Due to dropping oil prices, government restrictions, and country turmoil, many of these familiar faces have not been buying much of late. Some big contributing countries include Brazil, Argentina, Venezuela, Colombia, Russia and Canada to name a few. If these International buyers aren’t the ones responsible for scooping up much of the current real estate market at the moment, than who is? The answer is simple & domestic: our fellow North Easterners.
There has always been an organic flow from the North East, especially New Yorkers who find Miami to be an ideal place to make a real estate purchase. Not only are prices significantly less expensive, but also many Snowbirds consider Miami Beach as a vacation destination worthy of a second home. “I find myself constantly working with several New York buyers who are really taking advantage of the array of inventory we have in the market right now and therefore getting lower prices than they are used to seeing. This trend has also been keeping several of my colleagues busy as of recent,” says Dan Hechtkopf, Director of Luxury Real Estate at Douglas Elliman.
We predict the continuation of North Easterners taking advantage of our current market to last through the next quarter, which makes them a valuable target market at the moment. We hope the International buyers begin to trickle back, but in the meantime, we’ll all do just fine with these buyers from our own neck of the woods.
The Hechtkopf Group at Douglas Elliman Real Estate specializes in Miami Beach Luxury Single-Family homes and condos. The H Group guarantees a positive experience from start to finish for all their clients. The group strives to be lead experts in Miami’s real estate market and help educate the community on evolving real estate trends. Feel free to reach out to them with any questions, concerns or feedback at Sari.Libbin@elliman.com