As Prices Drop, Investors Rush Into Downtown Miami Condo Market
After a long rough ride, the Miami Condo market is finally getting back to business. The combination of overbuilding and top of the market prices stalled the market. Now investors are coming back as prices are being dropped to the $200 per square foot level and people feel like they are getting a deal.
Did you notice I did not mention any government programs or incentives in this? I did not think so. Just the combination of the right product at the right price bringing out buyers.
What a surprise.
In recent weeks developers have sold hundreds of condos, in a flurry of activity they haven’t seen since the peak of the housing market. Some builders are actually running out of inventory. The first building to sell out, Brickell on the River, happened quietly and quickly selling 120 units in just six weeks time.
“It’s pretty impressive when you walk into a sales office and you have 20-30 people waiting to see units. Sounds crazy but it’s actually happening now,” Andres Asion, with Miami Real Estate Group, told CBS4’s David Sutta.
Before Asion could deposit the checks, he had sold out the entire building out; something developers in this area have not been able to do for the past three years. via cbs4.com.
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Comment by Gainesville Foreclosures on 20 August 2009:
I was down in Miami beach last weekend and this is true. $200/sqft in Miami won’t buy direct ocean front in Miami, but we saw those prices on some condos at auction in March in Daytona Beach Shores.
Comment by M Realty on 20 August 2009:
Darn. I was hoping that the market would stay poor there for a while longer. I would love to have a cheap but oh so awesome condo in FL.
Great vacation home.
-Tyler
Comment by Tom Royce on 20 August 2009:
Tyler
I know, but for agents the market to firm up is a Godsend.
Comment by Brandon on 20 August 2009:
How are condo fees fairing in the Miami real estate market?
Comment by Kansas City Real Estate Broker on 21 August 2009:
I remember a few years back when investors flocked to the Las Vegas market and bought everything in sight. I hope the buyers in Miami are individuals not Investors. Will this really change the climate of the housing market there or just reduce Inventory temporarily?
Comment by Gene Urban on 21 August 2009:
We’re seeing the same thing in the Phoenix market with both condos and SFHs. Has the change in the Fannie Mae condo loan policy had an effect? We have so many condos where over 15% of the owners are behind on HOA dues making a loan next to impossible. Cash is king once more.
Comment by Tony on 28 August 2009:
Hi,
I am not sure if I should buy a Condo or Home.
Looking for help.
Thank you.
Comment by las vegas foreclosures on 30 August 2009:
It’s been a couple of years since i was in Miami – South Beach. It’s beautiful down there; if i was in a position to buy right now then i would buy there and here in Vegas.
Comment by Tinge on 31 August 2009:
don’t be foolish, the condo inventory in south FL is being bought by ” investors” and word is these investors are none other then large “hedge funds” mostly funded by banks holding co!! The same banks that hold the CDO’s are trying to kick start the market by buying to get the numbers looking better and media start talking and get the sheeple back in to by their toxic junk.
As thay say “The early bird gets the worm, But what happens when those worms are toxic ?
Comment by Iowa City Real Estate on 2 September 2009:
Hi Tony,
I am a Realtor from Iowa City. I have information that you should read about the Pros & Cons of buying a Condo vs. Home.
Please let me know if this helps.
Cheers,
Michael Mceleney