Florida has always been quite popular. However, over the last several years, it certainly grew in popularity even more. “And why is that?”, you may wonder. Well, there’s little that Florida doesn’t offer. Beautiful weather, wonderful beaches, great jobs, plentiful education opportunities… It’s pretty much safe to say that there is a bit of something for everyone. So, to no surprise, expert Miami movers are working pretty much around the clock relocating people from all parts of the world there. The last few years haven’t been the easiest on pretty much everyone. That’s why many people wanted to move to a wonderful place that will make them happy and offer them what other places can’t. And there is nothing more beautiful and comforting than an ocean view and a well-organized state that cares about its residents. Due to all this, Miami coastal condos have been in high demand for a while. There are very few people who wouldn’t want to live in a place like that. But if you’re one of the people considering a move to Florida in 2022, you might first want to get acquainted with all the Miami coastal condo trends in 2022 since there are some notable ones for sure.
So what has been driving Miami coastal condo trends in 2022?
There are many famous beaches in Miami. That’s perhaps what Miami is best known for. However, another well-known fact about Miami is that its real estate market is rather “interesting” to say the least. Over the last 12 months especially, the Miami condo market has been very strong and aggressive. And what we mean by that is that it really hasn’t been that kind to buyers.
High demand has been driving prices up. Both domestic and non-domestic buyers have been flocking to Miami to snag a coastal condo. After the US opened its borders to foreigners once more, after the pandemic subsided, a wave of non-US residents flooded the shores of Florida hoping to relocate there. People from Europe, Canada, Latin America, and further, all flocked to Miami. That said, other cities also saw a rise in newcomers. However, Miami has definitely been among the most popular ones. Even though it’s definitely not among the most affordable cities in Florida. And, what we’re noticing is that these trends don’t seem to be slowing down.
But aren’t there enough homes for everyone? Miami is, after all, pretty big
Sure, Miami could probably house quite a huge number of people. However, lately, Miami has been attracting a certain type of buyer. People who are more investment-driven, if you will. Those looking to invest in a second home, perhaps a home for retirement, or even a place at an attractive location they could rent out. This is why coastal condos, in particular, have been in high demand. There may be both pros and cons of buying a beach home. However, owning a coastal apartment is something many people dream of. So despite the few negatives, they’re still looking to invest in a condo near the beach. And that’s why in 2020 Miami coastal condo trends have been the way they were.
Notable trends for coastal condo trade in Miami in 2022
Whether you’re renting or buying an apartment in Miami you should be aware of current real estate trends. Most people, when trends are mentioned, think of buying and selling prices. And while that is a part of it, it’s definitely not the whole picture. There are numerous trends a person should be aware of when planning on investing in a property. Or even when just renting a property, you should never go in blindly.
The real estate market is in a lot of ways similar to the moving industry. Just like you should know a lot about residential movers in Miami before moving, so should you educate yourself on the topic of 2022 Miami coastal condo trends before making any decisions? So then what are these current trends you should be aware of when buying a condo in Miami?
There are currently more buyers than sellers for Miami coastal condos
There are quite a few reasons why people are attracted to Florida. For starters, Florida’s tax system makes it a very inviting place for buying real estate. Because of that, wealthy individuals often choose to relocate there. And where does one go if they’re well off and relocating to Florida? To Miami, of course. And, for these and all the other reasons we’ve mentioned above, it’s been rather tough to find a condo to buy in Miami. Especially near the beach. Buyers are having to compete with one another which has been driving the prices up. So, due to all this, Mami coastal condo market is a seller’s market nowadays. That means that sellers are setting the prices and easily selling their properties while buyers are having to put in some work and, obviously, pay more.
That said, things are likely not going to get much better for buyers any time soon. With a reduction in available condos and the ever-growing demand, it’s not very likely that finding an affordable coastal condo in Miami is going to be a reality for quite some time. What’s more, even subpar condos are getting heaps of bids nowadays making them a complete nightmare to buy and a delight to sell. But, all industries have been like that recently. After the pandemic, the demand for pretty much everything skyrocketed. That’s one of the main reasons why even local, long-distance, cross-country, residential, and commercial movers in Miami have been working pretty much nonstop lately. People have been needing things and people have been wanting change. Now more than ever!
There are fewer listings for coastal condos in Miami in 2022 than there have been in previous years
There’s no denying that there has been a shortage of available coastal condos in 2022. But, there are more reasons for that than just people flocking to Miami to purchase condos. The fact is that Miami home prices rose significantly over the last decade. And even though the average wage increased by about 20% over the last 15 years, it simply isn’t enough to make up the difference. Nowadays, a person has to earn at least $70,000 a year to be able to afford a home in Miami. That’s why renting has been the name of the game in Miami for a while now. At least for an average Joe. But what implications does that have on Miami’s coastal condo trends in 2022?
Even rent prices are high in Miami. That’s why Miami definitely isn’t one of the best Florida cities for renters. However, renting is by far a better and cheaper option for those living in Miami. Of course, we’re not speaking of those who can easily afford to buy a condo wherever they please. But, the truth remains – There are so many people renting out their condos and not selling them. And on top of all that, coastal condos are pretty much as expensive as it gets when it comes to Miami properties. Because of that, renting out can sometimes bring in more money than straight-up selling your coastal condo. Plus, the only way most Miami residents can even afford to live in a condo like that is to rent it. That then leaves those wanting to buy a property near the shore with fewer choices.
One of the most notable 2022 Miami coastal condo trends is that the condos are listed for a shorter amount of time
Previously, we mentioned that there are fewer listings altogether and that that was one of the very important Miami coastal condo trends in 2022 to take note of if you’re interested in buying a property in Miami by the beach. But, another notable trend is the decrease in the amount of time a listing stays up. Local movers in Miami wouldn’t have had so much work on their hands if apartments and houses weren’t flying off the shelves. Today, a Miami condo listing stays up, on average, for 30-40 days. In the past, that time period was significantly longer. But, with such a high demand it’s no wonder that time has shrunk. Even subpar coastal homes are finding buyers nowadays.
But what does that mean for you, a buyer? Well, that means that sitting on the decision is pretty much impossible. If you’re not absolutely sure and ready to take out your wallet, someone is going to snag that condo from right under your nose. And, you’ll also have to browse a lot more often than you probably expected since things are changing so quickly. You know what they say “You snooze you lose”. So, you’ll have to stay on top of listings if you want to get a coastal condo in Miami.
Miami coastal condos are viewed as an investment
We briefly mentioned before that some people view buying a condo as an investment. Whether they’re investing in a property they want to relocate to once they’re retired or they’re hoping to make a side hustle out of it, buying a condo would still be considered an investment of the sort. With the future being so uncertain, investing in something solid has never been more widespread. And, one of the only safe ways to invest is to buy a property. That said, coastal condos are not the only ones in high demand. Sure, due to their appeal they may be in slightly higher demand, yet, properties, in general, have been sought after more than usual. So, while before getting a condo was a luxury you get for yourself, in 2022, it’s all about investing in your future. And Miami’s coastal condo trends in 2022 certainly show that.
Paying with cash for condos has been popular in Miami in 2022
“Paying with cash” doesn’t literally mean with cash. What it means is using your own funds to pay for the property without taking out a loan. And, in 2022, that seems to be the preferred way of buying coastal condos in Miami. Miami condo sellers have so many opinions that they’d naturally go for the best one. For them, that’s a cash buyer. But why is that the best option for them? Well, they’re getting the money quickly and the overall process is much simpler and quicker. From start to end, when buying a condo, the closing process often takes over a month! On the other hand, when paying with cash, it’s likely that the deal will be closed within a week or so. Without getting a mortgage, you don’t really have to wait for the lender to approve, underwrite, and then process your loan. And that alone cuts down on the amount of time it takes to close the deal. All in all, paying with cash is a better option for a seller.
But why has that particular method been so popular in 2022? Remember how we said many people seem to be buying coastal condos in Miami after moving from abroad or saving up? That plays a significant role in that. It’s much more likely that someone like that would be able to pay for a condo in full, after years of saving up or planning a significant relocation, compared to someone who has been living in Miami for a while and simply wants a condo by the beach.
You should approach Miami condo shopping wisely
Just like you should do some research and hire reputable movers like Best Movers in Florida when moving, so should you make sure you’re getting all the facts straight when buying a condo. That involves following the trends closely. There are numerous Miami coastal condo trends in 2022 one should be aware of if attempting to purchase a near-the-beach property, and you should make sure to be familiar with all of them before actually buying a condo. Prices are not the only things fluctuating and the trends we discussed above prove just that. Shop smart!
