Purchasing a home in the South Florida area seems to be an elusive dream due to the increasing cost of living. However, the increasing prices vary according to the neighborhood. For instance, single-family homes and condos have over the last few years increased by 12.5% while those in Miami Beach have dropped by 5.8%. This is according to data based on the 1Q 2017 Elliman Report that analyzed trends in the Miami Beach real estate sector.
Why are Property Prices Dropping in Miami Beach, Florida?
Climate change is the main reason behind the falling property prices in the market for properties located along the Miami Beach as opposed to those in the mainland. The disintegration of the Antarctic and Greenland ice sheets will speed up the rise of the sea level, which will have devastating effects on the properties along the coastal line. There are projections that the situation will get worse with the sea level rise estimated to increase by three to about six feet by 2100. Property values in Miami Beach will collapse when mortgage lenders and financial institutions will stop financing the purchase of the doomed properties.
About Samuel Strauch
Miami has experienced a massive growth in its housing market thanks to the decreasing recession and people gaining the requisite liquidity to invest. So many real estate agents present in Miami help in ensuring that all real estate transactions sail smoothly. Samuel Strauch is considered one of the highly preferred, most experienced and reliable real estate agent present in Miami, FL. Samuel Strauch is a business graduate from Hofstra University, New York. He also went for further studies at the modern Erasmus University and Harvard University.
Samuel Strauch began his career in the banking sector before realizing his passion was in real estate. Presently, Samuel Strauch is a licensed real estate agent based at Affinity Realty Group and is the principal at the Metrik Real Estate Company. Metrik offers property management and brokerage services.