The Condo Market in South Florida Keeps Getting Cheaper

sellers in Miami are selling their condos waiting on new properties to enter the market.

Experts predicted that the sales drop would be coming, but it has come sooner than initially expected from newly constructed condominiums.

Many current Miami condo owners are selling their units at a loss to get rid of properties. For example, in the Brickell area several owners have sold their properties for far less than prices initially paid on the units in respective communities. One seller, in particular, purchased a unit for over $950,000 hoping to capitalize on the unit’s value with the increase in construction, only to sell the property recently for $850,000 a year later.

The real question is what really is the current state of the market? Buyers are currently in between driving the market in either direction. Over 10,000 units are scheduled for completion within the next few years, nearly doubling the current inventory of condominiums in the area. This boom in inventory levels, and the major surge in construction of apartments have are certainly contributors to some of the sales drop, but much of it is still commonly attributed to perceived instability in the market.

The Market is Stable, but on Hold

A major demand for Miami property comes from international buys from Canada, Latin America, and Europe. The South Florida area is very much a cultural melting pot and many of the previous condominium sales number were driven from international buyers. However traditional buyers, both international and domestic, are holding back from purchasing property in the area, and exacerbating perceived trends.

Though there is a lot of uncertainty within the market right now, condo sales in the Miami metropolitan area are still strong, growth is just currently at a standstill. Though it may seem like the influx of properties available as well as the new construction going on may seem like a bad thing, if you’re a buyer looking to move into the area, the situation could not be more to contrary.

With prices going lower on luxury condos in Brickell, and all over Miami, it has never been a better time in the area for buyers to step in and make purchases on properties.

The Allure of the Miami Area

A locale bolstered by its rich culture, great food, beautiful people, and fantastic weather, the South Florida area has amenities for anyone looking to reside here. There is no shortage of shopping, eating, and entertainment options available anywhere in Miami. This is even more apparent looking at the downtown Miami, and South Beach locations in South Florida. Rich with arts and culture, the area boasts several museums and cultural centers all in the beautiful warm Florida sun.

Better yet, if you choose to set your sights on one of several available luxury condos in Brickell, you can catch a baseball or basketball game with both the Miami Marlins and Miami Heat franchises being a short drive or walk away from several of the available properties. You can catch a game or go take a tour of a museum all minutes away from your beautiful Miami residence.

Miami is an area delightfully at odds with itself. Coupling a modern styled but still, old-world aesthetic with a vibrant but still somehow minimalist façade, the beauty of the South Florida area cannot be understated having some of the most beautiful construction and architecture in the world.

Condominium vs. Home Appreciation

It is a certainty that when purchasing a home or condo in South Florida that buyers appreciate their home, but this isn’t exactly what we’re referring to. What we refer to in saying appreciation is the percentage of value increase of the property on the Florida real estate market. What appreciates faster, a condo or a family home?

It is a common perception that a single-family home, with the house with the red door, white picket fence, and a tire swing in the yard being a traditional facet of the American dream. It would seem the demand for this type of property would be far greater. In contrast to the perception however, the median values of condominiums actually outpace those of single family homes.

Buy Luxury Condos in Brickell

Miami is a location where any need that you may have can be met. Any entertainment expectation and any food desire can be indulged. Whatever your lifestyle choice may be, you can find satiation here in the South Florida area. What you’ve got to ask yourself is, what exactly are you waiting for?

If you’re on the lookout to purchase one of many luxury condos in Brickell, or any part of the Miami metropolitan area, a qualified and professional real estate agent can help. Highly energetic, with an appreciation for both architecture and design, Steven Vargas brings an understanding and personal touch to the table. With your ultimate goal of finding a dream residence in mind, Steven draws on his experience in the South Florida area as a cornerstone to best serve his clients. Having spent a lifetime growing up in South Florida he knows firsthand every lifestyle experience and nuance that the city of Miami has to offer any property buyer.

Steven specializes in luxury condos in Brickell and the downtown metropolitan areas where he also claims residence. That way you know when making a recommendation, Steven knows from experience exactly what he’s talking about.

If you’re looking to purchase a luxury unit in the South Florida area, contact Steven Vargas today!