There will certainly be an increase in activity for the classic reasons. When the cold wind blows in New York, Boston, etc. people start thinking how nice it would be to own a sun baked piece of Miami Beach real estate. Maybe even something on the ocean or the bay. This is also a town with more than it’s fair share of glamour which attracts Holiday visitors who enjoy looking at real estate.
Will they actually buy? Brokers traditionally complain that they are overworked on all the holidays often “chasing rainbows”. I believe we will see more high end (1M+) sales this season and the return of foreign buyers especially Italians and Brazilians. Lower end buyers may settle by waiting for another wave of foreclosures or be unable to get financing, but I predict some very large sales this season. Thanks to our new Miami Heat players we had two wonderful sales on Miami Beach during October, one for $10.6 and the other for $12.3M.
I have already gotten quite a few calls from qualified buyers who are planning to visit Miami Beach sometime during the season to look for real estate.