The best U.S. real estate market in 2013
Published: Sep 04, 2013
When considering which real estate markets are the best, it is wise to look at home sales among other aspects as this number often reveals a thriving real estate market. So what is the best U.S. real estate market?
Drum roll please… Miami, Florida.
With the expectation of a 13.4 percent increase in its real estate market, Miami comes in as the leader in all real estate markets according to the experts at moneyjournal.com.
The median sales price for homes in Miami is $164,450, which is an increase of 1.5 percent from the previous year.
In perhaps another sign that Miami’s real estate market is sizzling, a new reality television show, Hot Listings Miami, debuted in August, focusing on Miami’s fiercely competitive luxury residential market.
Meanwhile, a new breed of Chinese investors is making big bets on real estate in Queens, New York. The pool of Chinese investors has expanded from high-net-worth individuals with an eye for trophy Manhattan properties, to upper middle class buyers more willing to diversify their bets. A favorite neighborhood is Flushing in Queens - a borough which has boasted a thriving East Asian community for decades.
Indeed, buyers from mainland China can now account for as many as half of the buyers at new condominium buildings in “Falasheng”, (as the area is known in Mandarin).
For instance, ten of the 21 units that have sold in the condominium portion of One Fulton Square, a mixed-use project on Prince Street in Flushing, have gone to Chinese buyers, according to Bill Seto as told to the New York Times. Mr. Seto is president of the Chinese American Real Estate Association and is marketing the project for the F&T Group, the developer of One Fulton Square. One-bedroom units in the 43-unit building start at $550,000.
Similarly, about 135 of the 410 units sold at Onex Real Estate Partners’ Sky View Parc in Flushing have gone to Chinese buyers, an executive at Onex told the Times. For many Chinese buyers in this latest wave, the apartments are investments and will be rented out.
Likely tenants include students at Queens College, the Fashion Institute of Technology or Parsons, the design school.
This is it for today, dear readers. I am available to answer your questions and provide you with more information on New York City, Miami and U.S. real estate.
• Riccardo Ravasini is a real estate maven and an active agent in New York and Miami. He grew up in Italy where he studied Business and Finance at Bocconi University in Milan before moving to the U.S. He enjoys assisting people in the search for the perfect rental apartment as well as international buyers looking for smart investment properties. Contact him at +1-917-214-2509 or firstname.lastname@example.org.