It is not a secret that the down peak of the Miami Real Estate’s cycle is here. But even if it sounds like bad news, it is not at all!
Miami real estate has been following a sequence since the early industry boom in the 2000. This means that if we have arrived at the bottom line, it will have a fast bounce soon.
The whole industry has followed the same pattern, but the ultra-luxury houses’ had shown the most drastic impact.
These days I often experience the frustration behind clients that have been trying to buy a house or a condo for months. The worse is that they have it all; they are ready to buy, they have the cash, they are not picky but it seems these characteristics are not enough any longer. Indeed with so many potential buyers and a limited inventory you basically have to be hunting for a condo! I witnessed buyers that had to buy a condo without even visiting it. Timing is of the essence seems the perfect sentence in this Miami real estate market! Nowadays it is definitely a sellers’ market. Read the rest of this entry »
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