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
Whoever tells you that the real estate market is like a roller coaster ride, is obviously not referring to Miami! The Miami Association of Realtor and the Multiple Listing Service (MLS) system, had announced the third quarter (Q3) 2018 sales report for Miami’s real-estate. It seems that nothing can stop their winning streak!
For the 27th consecutive quarter, Miami’s houses, condos and single family homes sales surged. Not even Hurricane Irma was able to slowdown the real estate sales growth in Miami.
Total Miami- Dade Country sales rose 15.2%! Not much right? But just by knowing that the total sales volume jumped from 2.5 to 3.1 billion, you understand the dimensions of this news. What can we see on a short view? A clear impact of Irma on the results. But if we look a little bit further, the market only shows how people are being more and more attracted to invest in Miami.
The condo sales for this last trimester, increased in 16.7% compared to last year. And why? Different reasons, but the low mortgage rates have definitely helped.
Having a more affordable way to buy a home, has definitely pushed sales. A good reason why mid-priced (150-400 K) condo sales have increased 27.8% from 2017 to 2018.
As well, the residential supply in Miami has shown an infinite list of available properties that investors can just not resist! Active listing have increased from last year in a 5.7%, and just for condos it rose 4.1%. More than a thousand more condos were offered this year compared to the same period on 2017.
Foreign investments continue to stand out on this report. Almost half of the investment in condos in Miami are done in cash, which is a characteristic of foreign buyers.
The sales pace in Miami has shown that from the past year, the supply has been not enough to cover the demand. A balance market offers 6 to 9 months of supply inventory, but some of the hottest condos in Miami had only offer 1.9 months of supply!
Sales just continue jumping, not much to think if you are planning to invest…
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Tags: condo, condo living, Dade county, Downtown, Florida, Miami, Miami condos, Miami Dade, Miami Real Estate, properties, real estate, real estate blog, real estate market, real estate news, real estate sales, real estate tips, real estate trends, real estate usa, South Beach, South Beach real estate, tips, trends real estate miami
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.
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Tags: condoideas, condoideas realty group, Downtown Miami, Downtown Miami condos, Florida, luxury living, Miami, miami beach house, Miami Dade, miami housing bubble, Miami Real Estate, properties, purchase a house, real estate, real estate blog, real estate market, real estate tips, real estate trends, South Beach, South Beach real estate, spec house, tips, 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
