Miami Real Estate Takes Summer Vacation As More Listings Flood The Market
Miami real estate is on a summer vacation, as more listings are flooding the market this July. Prices have been falling, and 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 more and more apartments appearing on the market for sale each month, and fewer selling. Many 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.
Most investors have long abandoned the fantasy of buying up condos and flipping them for a quick profit. Those days are gone, and 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 has.
Real estate in Miami is still some of the most desirable real estate in the world, and 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 very best position they have been in for many years, to buy property at reasonable prices, and to make offers well below asking prices, and subsequently close deals on properties they would never have been able to buy just a couple of years ago.
To see how things have changed, one needs only to look at the statistics. According to data supplied by the Coral Gables, Homestead-South Dade, Kendall-Perrine, and Northwestern Association of Realtors or their MLS.
In March 2006, there were 7,703 single-family homes for sale in Dade County, which includes Miami, and 1,116 homes sold. According to the latest available statistics.
In May 2007, there were 13,403 Dade County single-family homes for sale, and 612 homes sold. The condo market was similar.
In March of last year, there were 14,761 Dade condos for sale, and 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 into 127 foreclosures per 1,000 households. The good news is that Miami real estate is becoming more affordable, and with the dollar being so low against the Euro, and other currencies, foreigners who flock to Miami for vacation, will still find both homes and condos to be a great long-term investment
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