It’s truly about time an article came out that reflects the truth about current market conditions in Miami. It is really difficult to make buyers understand that although in 2009,2010 and part of 2011 foreclosures and massive inventory of developer units dominated the market, that has all been left in the past. No longer can you find multiple foreclosures in a building…gone are those days were the buyer can pick and choose and low-ball just about any property. I am not saying you can’t find a good deal or that there are no foreclosures on the market….I’m just saying it’s not as easy as it was in the past.
In 2009 I remember that if a client wanted a 2 bedroom condo in Brickell and his budget was $300k, I would at least be able to come up with 6 or 7 properties to show him in and some even in the newer developments. Today the reality is that to find a 2 bedroom condo in Brickell, Downtown, Miami Beach, Coconut Grove or Coral Gables you have to really search and not have a long list of critireas. If you are lucky to find something, odds are it will be under contract by the time you go see it or your client decides he wants to put an offer. Inventories have dropped and this drives away the negotiating power that existed years back.
In the past couple of months I have been able to help clients find some great buys in Brickell and Downtown, however that window is slowly closing as I continue to see prices escalate month by month. If there is a shadown inventory of foreclosures banks have been holding, this is as good a time as any to put them out in the market…we need the inventory!
see article “Florida dominates list of turn-around towns”
If you are in thinking about buying or selling your property, give me a call I would love to discuss the market conditions and provide more insight as to how I can help you invest in Miami!
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