Miami Florida real estate news
Our realty firms check periodically with other Miami closing agents located in Florida to gauge the temperature of the Miami real estate market. .We also periodically interviews our own firm’s realtors, realtors from other companies as well as developers in order to get better insight from the core of the Miami real estate market.
Overall the market seems to be stabilizing and we have not seen or foreseen a market bubble such as the ones predicted by numerous analysts. The market has now stabilized and we are seeing a normal growth pattern.
It seems that one important golden rule of real estate still applies, “Location, Location and Location”. The number of transactions has slowed in comparison to 2006 and 2005 and the buyers are taking their time. They know that there is no urgency to buy which definitely makes this a buyers market. Asking prices came down from their excessive level and are starting to match market prices. Buyers are negotiating very hard and will consider only steals. The problem is that "steals" are happening but only in 2nd tier locations.
Supply and demand, the golden rules of economics apply in areas such as Downtown Miami, Brickell, Edgewater and Aventura. In those areas the balance shows definitely an oversupply and therefore a price pressure downwards which results in a very slow level of transactions. However Miami Beach and South Beach are still prime locations and show a formidable resilience where prices are holding up very well. This has resulted in significantly extended transaction times and both parties evolved need to give up a little bit.
Contributed by Agent Eric Harari of MLR Realty
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