Most of the buyers I met this year are planning to retire in Aventura and are much younger than retirees from earlier generations. They are coming from Long Island, New York, Connecticut and Michigan. Some are just looking now but expect to buy in a year or two. They are in the planning stage. Most are in their late fifties, early sixties and are expecting to continue some of the work they did up north at a branch office down here or on line.
Some are disappointed at the price they had to sell their northern home and feel they should be able to make up for it, here by getting a great property for a low price. Comparing values in other areas is almost impossible.
These retirees want waterfront, activities nearby, and room for visiting children and grandchildren. They don’t want a sleepy atmosphere. Most importantly, they want value for their money and a townhouse that is ready to move in and doesn’t need lots of work which is seen as aggravation. I say, townhouse, because we have so few single family homes that a townhouse is closest to the type of real estate they are accustomed to .
If they want a condo, it has to be light, airy, great views and maintenance that isn’t back breaking. Many would be buyers are discouraged by high maintenance. In fact, one of the major objections to condo life, is the expensive maintenance fees.
Local people who have been renting for years are buying. A family that lived in a rented townhouse in the waterways for more than five years, recently bought a waterfront townhouse at Mystic Point. It was a great buy at $400k.
This week, I have been reading about foreign investors coming back into the Florida market. Foreign investors are now considering South Florida Real Estate a safe investment again and they will be a crucial player in helping the South Florida Real Estate Market recover. Buyers from the UK are among those who are trickling back into the market, looking for distressed and foreclosed properties.
The falling dollar is also attractive and international investors want to take advantage of the exchange rate.
There are bargains galore! Go to my property search and see all that is available…