In 2008, the real estate market in Miami was struggling, leading foreign buyers to invest and rescue the market. Currently, the market seems to be slowing down after a boom in construction, especially new construction in Brickell. In the early stages, the new construction in Brickell was boosted by foreign investors who were investing in property that would create new growth in the area. Brickell is now a highly sought after location with a saturated market. This has created a buyer’s market which is once again attracting foreign buyers.
The Brickell neighborhood is part of Miami across the river from Downtown. This neighborhood was once the financial district which was busy during office hours and slow in the evening. Due to new construction in Brickell the neighborhood is now a destination for urban living, popular dining, and nightlife.
The new development and growth in Brickell makes it an attractive market. The new construction in Brickell was funded by and boosted partly by foreign buyers. Buildings such as Brickell Heights and SLS Lux were funded by investors from south of the United States border. More than 60% of the investors for Flatiron Brickell were from Latin America, and many buyers from these locations are looking for high end luxury units. Now foreign buyers are taking advantage of the current market in the area. The last two years have brought many new projects and new construction to the Brickell neighborhood, creating rapid growth and a variety of listings for new apartments and condos.
In 2017 many of those new construction projects are wrapping, leading to an abundance of listings which is creating a buyer’s market. Foreign buyers are taking advantage of this marketplace by purchasing high end condos in the area, which is boosting Brickell condo sales. These buyers have seen growth in the area due to their early investments and are now taking advantage of the popularity of the neighborhood and purchasing condos for vacation homes or a place to stay while on business.
One of the foreign markets interested in Miami is Canada, according to a report from The Real Deal. Other foreign investors and markets have slowed because of the exchange rates, creating an opening for Canadian buyers and investors. The current pricing in Brickell, especially in the new construction buildings has made Miami a great market to invest in. Brickell is now a destination, and Canadians enjoy the area for the weather and change of pace. New construction in Brickell has created an abundance of condo opportunities which make great vacation homes or second homes for foreign buyers.
Foreign buyers are boosting new construction sales in Brickell because they are bringing investment money into the area. While Brickell is currently a buyer’s market, foreign investors can take advantage of the current exchange rate and bring competition to the saturated market.
With Brickell being a popular neighborhood, foreign buyers are finding the location desirable and are getting in on the ground floor, which boosts the market and starts to reduce the abundance of condos, creating a competitive marketplace.