Miami Market Report
August 23, 2010 Leave a comment
I have spent a few days reviewing statistics and charts to see what’s actually been happening in the Miami Beach Real Estate Market and I think that the worst is now over, however of course unrealistically priced sellers are still going to suffer from marketing fatigue and desperate real estate agents are still trying to compete to get the business by overpricing. Put those 2 things together and it’s going to be a rough ride until sellers get realistic and over pricing real estate agents leave the market as they realize that just putting something on the market at a crazy price isn’t going to work anymore and they’ll have spent a small fortune trying to sell a property, it will expire and us clever Realtors will pick up the listings when they expire, re-evaluate the price, explain the market to the seller and actually sell their property. Investors are in heaven at the moment though as foreclosures and short-sales are abundant with some incredible deals to be had. I recently came across a property that in the height of the market was selling for $5,000,000 and now that the seller is in trouble, it’s short-selling at $900,000 – now that’s an investment opportunity people can’t miss!! Just remember however that just because it’s a deal doesn’t mean it’s worth buying. If you get a property overlooking the trash bins, it’s not going to resell well or rent well. Always consider higher units with the views, even if they are slightly more expensive – they’ll bring you a better and more consistent return!