We have a bad news: this might be true. The sales in 2017 real estate market in Miami has been somewhat slow and low. Interest rates are climbing up and the dollar is weakening. Hugh Kelly, an economist stated that there might be a possible recession looming over the US real market.
The slowdown could last probably three to four years and it might be best to think about the possible ways to handle this contraction. Furthermore, the number of natural disasters has increased up to 50% since 2011 which means home insurance premiums are going to be more expensive. This does not seem to favor the real estate at all.
But fear not, despite this predictions, Condoideas actually noticed an increase of sales volume in area such as Brickell and South Beach. The Brickell on the river condo has increased its sales up to 52% and in South Beach area, The Yacht Club at Portofino condo has increased its volume of sales by 75% last year. The prices on the other hand decreased by 11% and 7% in the areas respectively. Plus, what is most notable is the fact we can see that there is a slowdown but only at luxurious real estate. This could probably be contributed by the fact the inventory is way too high.