Home buyers have always flocked to South Florida. Sunshine nearly every day of the year, endless beaches and plenty of opportunities for culture and entertainment. It’s no surprise so many people want to live here. The problem many buyers are running into, however, is a severe lack of inventory for homes in Miami.
Like many places in the country, Miami is experiencing an increase in demand paired with a shortage of supply in housing. Locals are hitting the market as are out-of-state and out-of-country transplants. Many corporations are also relocating their headquarters to South Florida, which means many employees are following suit.
Tear Down, Build New
High demand is causing rising prices and stiff competition for what little inventory there is left for houses. If buyers have any potential fears of a housing bubble, you wouldn’t know it by looking at the Miami market.
When buyers can’t find exactly what they’re looking for, they’re trying other tactics such as snatching up whatever homes they can. Then, they scrap those existing houses and build bigger ones.
Another reason building a new construction home in South Florida is so appealing is because relative to a place like Manhattan, an out-of-state consumer can swap an $8 million brownstone townhouse for a $6-7 million mansion. Not to mention, they’ll live in a quiet neighborhood on a oversized lot with a great schools nearby. For many people, this makes a lot of sense to them.
If you’re struggling to find the right home in Miami and have questions about new construction, please get in touch with our team at Seacoast Construction today.
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