Posts Tagged ‘brickell condo deals’
Brazilians are coming into Miami and spending their dollars on condo and home purchases. According to a report by Bloomberg, Brazilians bought 9 percent of homes and apartments sold to international buyers in the 12 months through March 2010, behind only Canadians and Venezuelans, according to the Miami Association of Realtors. In the Brickell and Downtown areas condo sales have been dominated by international buyers most coming in with cash, purchasing not only investment properties but also vacation homes. They are not only going after foreclosure properties but also luxury condos, more than half of the purchases have been for properties over $500,000.
The reduction in inventories in these markets are also affecting the prices, developers are beginning to increase prices and buyers are taking action before they loose out. Unfortunately all the media publicity on how bad the Real Estate market is and how prices will continue to drop has made locals “sit and wait”, unfortunately it may not work to their benefit because the numbers in “Florida” are not the same as the numbers in the sought after areas in Miami. Yes you can probably by a 3 bedroom home for $70,000 in Homestead but not in Brickell!!
Read below article I think it provides great insight to what is happening in the Brickell/Downtown market and how International buyers are taking advantage of it.
If you would like more detailed information on the Market or past sales on a specific buildings…..give me a call.
In the past couple of months the condo sales activity has been everything but slow in Brickell. Condos priced at market or just below are going under contract in days a tremendous change from just month’s back. It seems that Investors have flooded the market in an effort to grab the deals before they are gone and prices start to stabilize. With short-sale’s taking up a large portion of the condos for sale in Brickell and Foreclosures or REO’s become more scarce buyers are now more willing to wait out for the Short-sales to be approved knowing this is the next best thing when it comes to grabbing a condo in Brickell at an amazing price.
If you are looking for a foreclosure deal keep in mind that the list price will usually be your starting point , specially in Brickell, the competition is fierce and Investors are ready to make cash offers many times above list price. If bank has priced the foreclosure property way below market the intention is to get multiple buyers interested and create a situation were multiple offers are submitted thereby driving the price up to were it should be. There are still opportunities out there it’s just a matter of looking for them….the question is how long will it last?