To say that Miami’s high-end real estate industry is booming only begins to describe what is going on in the Magic City. In fact, according to a recent article in the Miami Herald, the current goings-on are downright magical. Being involved in commercial real estate can be very lucrative.
The Herald reports that industrial magnates, global financiers, royal families and real estate investors are coming in from around the globe. The president of a realty company considers Miami most international city in the country. He says this is especially true in regard to real estate.
According to an international real estate report, one realty company sold $1 million-plus homes at the rate of one every 17 hours in 2013. Domestic and foreign buyers each represented one-half of these sales.
Should this trend continue, it is clear that Miami will be rife with high-dollar opportunities in every aspect of the commercial real estate business. The demand for more homes and condos will mean that developers, builders and construction contractors should be kept busy.
Of course, those who buy and sell properties will also likely be doing a brisk business. You could even do well simply renting out condos to those who are coming in just to visit and vacation.
The fast paced nature of the dealing done in Miami could leave honest players open to incidents of such things as fraud and breach of contract. If you ever find yourself in a real estate situation in which you are being unfairly treated, you may gain an advantage by contacting a Florida attorney. The guidance and representation provided by the attorney could help turn the situation back in your favor.
Source: The Miami Herald, “Miami a leading luxury capital of the world,” Ina Paiva Cordle, Jan. 11, 2015