The influx of new building designs and cash buyers in Miami are two ways in which the pre-2008 real estate cycle has shaped the city’s market today, Alicia Cervera of Cervera Real Estate told StreetEasy in a video. Cervera said Miami is likely the most underleveraged city in the U.S., in that there are relatively no borrowed funds.
“These 10,000 to 20,000 units that everybody was talking about were bought cash,” Cervera said. “Since financing was not available, it forced our buyers to buy cash. These buildings are incredibly solid. If you rent those units, the maintenance and taxes will be paid for amply, and leave a couple bucks leftover for you to have fun with.”
The Miami Art Museum, at 101 West Flagler Street, is slated to finish construction later this year, and the Museum Science Museum, at 3280 South Miami Avenue, will follow shortly after, she told StreetEasy.
“All those things that have turned a city from good to great have really come together and put us in a really nice position to enter this next cycle and just charge ahead,” Cervera said. [StreetEasy via YouTube] – Mark Maurer