According to the public records compiled by Cranespotter, Miami’s real estate has suffered of a downshift that is just now starting to recover.
Out of 350 units over the $5 million dollars that are today on the market, only 6 units are sold per month. And out of this closed deals, 96% of them had to decrease their price for closing. However, the average percentage of reduction is only 5% under the listing price. Investors are just trying to get rid of their South Florida real estate assets.
Since 2011, we have witnessed in Miami of a lot of new condo constructions. Most of them are either put on hold or even canceled as there is a lot of supply for the demand at this moment. Developers are not anymore interested in constructions in luxury neighborhoods such as South Beach or Brickell. They now have a new playground. Any guess? well, for those who thought it was Downtown, bravo!
According to the brokerage Peter Zalewskis Condo Vuture Realty, this district offers the geographical advantages of most luxurious neighborhoods, with more affordable prices. Developers don’t want to stop investing in Miami, but they are forced to find new alternatives that attracts more public. Despite this effort, projects that already have started their sales, are now forced to freeze or to cancel.
What we can see here is a market re-balance. All these condos’ constructions cancellations are just a way for the market to correct itself. The demand is low, and the supply is way to high, so a lot of developers won’t take the risk of investing much more money on a project that might not even arrive into the economic balance point.
Out of the constructions that have started since the beginning of this downshift (2011) in Miami, only 100 are now completed. More than 64% of the constructions are either proposed (81 units), under planning process (46 units) or they are still under construction (53 units).
We know this has happened before, there is a lot of quiet before a market boom! The real estate market in Miami is now in stand-by, but it is just the quiet rain before the rainbow to appear!
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Tags: Brickell real estate, condo, condominium, Downtown, Downtown Miami, Florida, housing bubble, Miami, Miami condos, Miami Real Estate, properties, real estate, real estate blog, real estate market, real estate news, real estate sales, real estate trends, South Beach, South Beach real estate, World news
According to Miami Association of Realtors, the foreign investment in South Florida climbed up to $7.1 billion dollars in 2017. That is a significant increase of approximately 15% compared to 2016 where the number was only $6.2 billion dollars. Unsurprisingly, most of the foreign buyers are coming from South America. In fact, the political and economic crisis in the area are pushing the wealthy to park their money into a safer environment.
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Tags: Canada, condo, condo living, condoideas, condoideas realty group, condominium, Continuum, Dade county, Downtown, Downtown Miami, Downtown Miami condos, Florida, luxury living, Miami, Miami condos, Miami Dade, Miami Real Estate, properties, real estate, real estate blog, real estate market, real estate tips, real estate trends, South Beach, South Beach real estate, tips, World news
According to the MLS, the home sales year-over-year has fell in May for the Miami-Dade and Broward counties. This is probably due to the increase of median price in properties in these areas. Palm Beach, however, did make an exception with a slight plunge of price which means that their home sales actually increased. Surprisingly, the market which saw an increase of closed sales in April dipped this month.
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Tags: Brickell, Brickell condos, condo, condo living, condominium, Coral Gables, Dade county, Downtown, Downtown Miami, Downtown Miami condos, Downtown Miami real estate, Florida, housing bubble, luxury living, Miami, Miami Beach condos, Miami condos, Miami Dade, miami news, miami preconstruction, Miami Real Estate, midtown miami, Paramount Bay, properties, real estate, real estate blog, real estate market, real estate tips, real estate trends, South Beach, south beach condos, South Beach real estate, tips, Waverly, Yacht club
There is a huge confusion whether the western Venetian island belongs to Miami or the Miami Beach. After all, the zip code seems to apply to Miami Beach but the city belongs to Miami. The western venetian island (which makes up San Marco and Biscayne Island) seems to leaning towards Miami Beach. In fact, the residents themselves are taking action in their own hands by holding petition and collecting signature door-to-door.
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Tags: condo, condo living, condominium, Dade county, Downtown, Florida, luxury living, Miami, Miami condos, Miami Dade, Miami Real Estate, properties, real estate, real estate blog, real estate law, real estate market, real estate tips, real estate trends, South Beach, South Beach real estate, technology and real estate, tips
Downtown Miami has always been overshadowed by its more popular neighbors such as South Beach and Brickell. However, this neighborhood gem is actually one of the fastest growing city in Miami. What was once considered as a strict financial district is gaining huge population increase for families and young professionals. In fact, the population is at an all-time high with an estimated increase of 19% in the next 4 years. In response, the area could potentially have a higher demand for condo accommodation.
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Tags: Brickell, buy vs rent, condo, condo living, condominium, Dade county, Downtown, Downtown Miami, Downtown Miami condos, Florida, luxury living, Miami, Miami condos, Miami Dade, Miami Real Estate, properties, real estate, real estate blog, real estate market, real estate tips, real estate trends, South Beach, south beach condos, South Beach real estate, technology and real estate, tips, Yacht club
Millennials love fashion brand and the fashion brands are aware of this. This is probably why they are taking one step further by building condominiums associated to the brand. The trend can be widely seen especially in Miami where the Miami lifestyle is enviable to most people.
Condominiums associated with high fashion brands enjoy huge publicity and their clientele are established. In fact, they throw lavish party on the announcement of their project and even when they break ground. In this article, we will see a list of this high profile fashion brand condominiums that are taking Miami by storm:
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Tags: Armani condo miami, armani residences, aston martin residence, Brickell, condo, condo living, condominium, Dade county, Downtown, Downtown Miami, Florida, Miami, Miami condos, Miami Dade, missoni baia residences, Porsche tower miami, properties, real estate, real estate blog, real estate law, real estate trends, South Beach, South Beach real estate
Last year, we saw the drop of condo sales in almost all neighborhood except in the Downtown and South Beach area. In Brickell, the sales has dropped by an average of 5% while in Edgewater, it dropped by an average of 9%. This trend has been caused by the high inventory of luxury condos available for sale. In fact, there is currently a four years supply of luxury condos in the market.
This high inventory also contributes to a growing concern to real estate developers. There is a difficulty of selling new pre-construction units. Developers are postponing their projects in hope for a better market. Read the rest of this entry »
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Tags: Brickell, condo living, condominium, Coral Gables, Downtown, Downtown Miami, estates at acqualina condo, Florida, housing bubble, luxury living, Miami, Miami condos, Miami Dade, Miami Real Estate, one river point condo, palazzo della luna condo, pre constructions miami, preconstruction brickell, preconstructions miami, properties, real estate, real estate blog, real estate market, real estate tips, real estate trends, South Beach, South Beach real estate, technology and real estate, una condo, Yacht club
