I get asked this question all of the time and my current answer is hot, at least for now. People from all over the world have taken an interest in Miami. The addition of our cultural component, as illustrated by the success of Art Basel Miami and the accolades coming in for PAMM, has catapulted Miami to year-round interest status. Add in our affordability compared to other luxury metro cities such as New York and London, our beautiful beaches, various sports teams, community enriching universities, top hospitals and great weather and it is understandable why Miami has become so attractive for many people. These are the reasons Miami real estate is at the top of almost every list when real estate rebounds are mentioned and “hot” markets discussed.
The reason I add the “for now” caveat is that we are starting to see inventories increase and we are expecting them to continue doing so into the Spring. Increasing inventories will stabilize the market and put a soft brake on prices that have been going up by double digits, which will keep our real estate market from overheating.