With two beach front condos selling for a record-breaking $34 million in Miami, investment companies are citing this as evidence that the Miami real estate market is set for a strong rebound.
Loxley McKenzie, managing director of property investment company Colordarcy, said: "In a city that is only just in its recovery phase, it made interesting reading to find that a new record was set this month. A wealthy investor paid a cool $34 million for a pair of Miami beach apartments and whoever it was actually bought them off-plan."
The story in question was covered by the Wall St Journal on March 7th and has since been used as an example to highlight the promising future of Miami's real estate market as buyers continue to consider Florida as a favorable area for sound investment opportunities.
Miami has plenty to offer investors, with its beach, its close associations with Latin America and, currently, its historically low property prices proving an irresistible lure to many buyers, particularly of the overseas variety.
Wealthy Brazilians and Venezuelans are believed to have played an integral role in the growth of the Miami real estate market, where property values have risen by almost 13%.
With current mortgage rates as low as they are, buyers can now purchase property that is 34% more expensive than it was in 2008 - according to Bloomberg - and it is thought that if these low rates continue, property values could potentially gain significant momentum over the next two years.
Cash investors will not only stand to benefit from a sizable return on investment but also from the current surge in the rental market that is driving up rent; investment property in Miami could essentially pay for itself.