Since the Euro has elevated in status against the American Dollar recently, the Europeans are coming to Miami in droves and buying everything, right? Not exactly! There are indeed many Europeans coming to Miami Beach and South Florida but, they are not all buying. They are looking and making offers but, they are making very low offers and in turn, not making deals. After speaking to the European buyers I have come across looking to buy in Miami Beach, I have asked them why this is happening. Most of them tell me that the media in Europe describes Miami as a real estate market that is very opportunistic and that there are many properties in foreclosure.
I have expressed to them that Miami Beach is a bit different and that the waterfront homes in Miami Beach do not necessarily have that problem and in some areas of Miami Beach waterfront, we are on pace to break records on the number of transactions in a year. Some understand, some don’t.
On the Venetian Islands, for example, 2006 was the record year in the number of waterfront transactions. In 2008, we are on pace to break that 2006 record with 14 waterfront transactions so far this year and more to come.
