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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{ 11 comments… read them below or add one }
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.
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
Tyler
I know, but for agents the market to firm up is a Godsend.
How are condo fees fairing in the Miami real estate market?
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?
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.
Hi,
I am not sure if I should buy a Condo or Home.
Looking for help.
Thank you.
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.
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 ?
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
I remember when prices were near $1000 per square foot. It seems like the same rush but now it's the vultures going after the units as opposed to the first time homebuyers and speculative investors. Miami is still a dangerous market – as is most of Florida. Florida is prone to many hurricanes and natural disasters. I would be curious to see if prices drop even further.