Miami Real Estate Takes Summer Vacation As More Listings Flood The Market
By admin at 17 November, 2009, 3:29 pm
Miami real estate is on a summer holiday, as more listings are flooding the market this July. Prices have been falling, & contrary to the popular belief of some sellers, they won’t be climbing again anywhere in the foreseeable future.
Hardest hit is the condo market, with increasingly apartments appearing on the market for sale each month, & fewer selling. Lots of buyers, who invested in pre-construction projects, have either been unable to close on condos they purchased, or have had to take losses in order to remain financially solvent.
Real estate in Miami is still a number of the most desirable real estate in the world, & buying Miami real estate now is a great idea, if you are buying a home or condo to live in, or if you are looking for a long-term investment. Buyers in the Miami area are in the best position they have been in for lots of years, to buy property at reasonable prices, & to make offers well below asking prices, & subsequently close deals on properties they would seldom have been able to buy a couple of years ago.
Most investors have long abandoned the fantasy of buying up condos & flipping them for a fast profit. Those days are gone, & unlikely to return for sometime to come. All of this is not a bad thing, however, because a correction was necessary, albeit few real estate experts thought that it would last as long as it’s.
In March 2006, there were 7,703 single-family homes for sale in Dade County, which includes Miami, & 1,116 homes sold. According to the latest available statistics.
To see how things have changed, two needs only to look at the statistics. According to information supplied by the Coral Gables, Homestead-South Dade, Kendall-Perrine, & Northwestern Association of Realtors or their MLS.
In May 2007, there were 13,403 Dade County single-family homes for sale, & 612 homes sold. The condo market was similar.
In March of last year, there were 14,761 Dade condos for sale, & 1,371 sold. In May of this year, there were 24,417 condos/town-homes for sale in Dade, with only 785 apartments sold. Foreclosures in Miami-Dade County are high, with 987 residential auctions in the first quarter of this year.
That translates in to 127 foreclosures per 1,000 households. The lovely news is that Miami real estate is becoming more affordable, & with the dollar being so low against the Euro, & other currencies, foreigners who flock to Miami for holiday, will still find both homes & condos to be a great long-term investment. For more information, go to www.alexshay.com
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