The condo market in Miami has suffered a remarkable drop in the volume of sales in June compared to the year before. Additionally, after 2 consecutive years of rising prices, this year showed the first sale price decrease of -1.4%, leaving a median price of $252,000 in June 2020.Read the rest of this entry »
Tag Archives: purchase a condo in miami
How does the beginning of the year look like? It’s still early to draw a conclusion but it looks far better than 2016. Furthermore, with Trump as the new president many things are expected to change, as we have already experienced with the mortgage rates.
Holidays are over so sales should start moving. In the last two weeks, buyers seemed more interested and we experienced some movement. The luxury market is still good independently of what it’s happening around the country. Read the rest of this entry »
The infamous condo market of Miami keeps on being a strong magnet for foreign investment, but it’s becoming harder and harder to differentiate investors and residents.
Condo buyers purchasing as their own residence today represent 1/3 of the investors, 1/3 use it for a second home and 1/3 as an investment to rent out. It is a very sought-after alternative in response to a very low rental inventory for the past 2 years. Overall, investors are prevalent in Miami Beach, Downtown and Brickell. Read the rest of this entry »
Over the 3 years, prospective buyers have grown into a more feminine audience: Women buyers have increased by 1 to 1.5% in the main national markets from Boston to San Francisco.
The median age is 50, for a median income of $57,300. 39% of them are first-time buyers. 87% are buyers of previously-owner homes. 90% bought through an agent and the median home price is $169,100 for an average of 1600 sqft. What does it mean? They are more into single-family homes rather than apartments. They don’t seem to need as much as up-key condos. Read the rest of this entry »
The wave of Brazilian buyers could change the structure of Miami’s condo market. Since getting a construction loan became a challenge for developers, the Brazilian way of financing residential projects is a good alternative. The developers of the Apogee Beach in Hollywood are already using that method with great success. Read the rest of this entry »