It seems there is no way to keep up with the news anymore. Weeks ago there was an article in the WSJ about the return of foreign buyers to the Miami Condo market. The article was touting new data showing that Miami-Dade County home sales reached 9.962 in the 3rd quarter, the second-highest total on record. A few days later, the outlet was dominated by articles about a new variant that may or may not pose a new round of threats to our way of life. Their headlines lamenting impending doom and opposing headlines labeling Omicron a “non-emergency” all in the same issue. What’s a reader to do??
In fact, just last month we saw the reopening of US borders to foreign visitors raising the forecast for the already boiling residential market in Miami. The popular destination for South American buyers was poised to continue the momentum from the 3rd quarter which saw a 35% increase from the same period last year. Interestingly, the recent boom had been largely powered by domestic buyers, in a change from the previous norm. International buyers which accounted for more than 80% of developer Miami sales before 2020 were hiding out and waiting for the pandemic to ease. American buyers had stepped in. But with the rollback of covid regulation, it was safe to assume the internationals would power the next wave of market movement. But this appears to be in question with rising concerns about a rogue variant originating in South Africa.
Drugmakers have released statements that new vaccines could be pushed out in 100 days if needed — but will foreign buyers venture out? Will nations allow for travel at all? Time will tell. I personally believe in the power of the American system to bring necessary treatments to the masses as this endemic virus continues to evolve. But I will be watching each twist and turn as we navigate this new normal and seek ways to find comfort and that grounding feeling of “home” amidst changing tides. Reach out to benefit from my experienced guidance as you hone your portfolio into 2022.