Miami FL Real Estate Officially a Buyer’s Market

[alex shay]

It’s officially a buyer’s market in Miami. Miami FL real estate market conditions have been less than favorable lately if you are a seller in Miami. According to data supplied by the Coral Gables, Homestead-South Dade, Kendall-Perrine, and Northwestern Association of Realtors or their MLS, in June of 2005, there were 3,261 single-family homes on the market in Dade County (which includes Miami, Miami Beach, and a number of surrounding smaller cities), with 1,196 sales. In January of 2006, there were 6,364 single-family homes on the market, with only 687 sales. In August of this year, there were 10,579 single-family homes for sale in Dade County, but there were only 705 sales. September of 2006 saw 11,103 single-family homes in Dade County, for sale; with only 758 homes sold.

The condo market in Dade County has been similar. In June of 2005, there were 5,550 condos for sale in Dade, and there were 1,564 sales. However, moving into January of 2006 there were 11,800 condos listed on the market for sale, but only 915 sales. In August of this year, there were 18,133 condos in Dade for sale, with the number of sales falling to a 15 month low of 823 condos sold. September of 2006 fell lower with a total of 18,974 condos for sale in Dade County, and 805 sales.

This is all good news if you are looking to buy real estate, because there is so much to choose from, and the savvy buyer can make a wonderful deal in this real estate climate.

[Real_Estate_Agent]

Thanks for the information about Miami Florida

[REbuyersgroup]

Do you know any developers with Inventory ready for liquidation in the $600k-$999k appraisal value?

[jorgeherrera21]

Hey, I'm Jorge. I bought an apartment in Palm Beach Gardens in April of 2006. I believe I bought at the wrong time, since the latest apartments in the area similar to mine are selling for 30G's below what I paid for mine. EVERYBODY told me I'd earn at least 10% in my first year as an owner, but obviously I'm losing tons of money as I write this.

For the experienced around here, what would you do if you were me?

THANK YOU so much in advanced for your advices and thoughts.

Best,

Jorge.

[Codythebest]

As expected I guess. I sold my south Florida home in time to cash out.
So it is a buyer's market. But is it the time to buy? Are sellers ready to decrease their asking price? Or is it wise to wait more time, and buy when EVERYBODY is sinking deep?

Hey, I'm Jorge. I bought an apartment in Palm Beach Gardens in April of 2006. I believe I bought at the wrong time, since the latest apartments in the area similar to mine are selling for 30G's below what I paid for mine. EVERYBODY told me I'd earn at least 10% in my first year as an owner, but obviously I'm losing tons of money as I write this.

For the experienced around here, what would you do if you were me?

THANK YOU so much in advanced for your advices and thoughts.

Best,

Jorge.

Keep it for at least 10 more years....

[REbuyersgroup]

I work that market. If you are upside down, I recommend holding it till the market turns.

Where is the unit? PBG is a good area for the most part. I have 2 clients who purchased 1st floor 3/2/1 condos in Jupiter pre-construction. Their price was $270,000 -$20,000 (-@20,000) incentive at closing. The owners are upside down on rentals, but the price was still very reasonable for the area.

Market currently is $280,000-$320,000 for a similiar unit.

I feel PBG and Jupiter are solid markets with upside potential. Stick it out if you can. You will be thankful you did.

[jorgeherrera21]

Hey man, thanks for that reply.

I bought a 2nd floor 1/1 unit at Legacy Place about a block away from I-95 an PGA Blvd. I bought on March 2006 for 230k (too high a price if you ask me, but I was seeing the area and the new construction of a mall and a plaza right next door, more than I was seeing the price at the time)...right now those units are still not sold out at Legacy Place, and last time I checked, they were selling around 200 to 205k. I can hold on to it, and I will, but my worry is that since I don't know the market that well, I have no clue of wether and when it should start going up again.

Thank you again for your reply.

Jorge.

[REbuyersgroup]

Legacy Place is nice, but a VERY large community. PGA blvd is a growing area with the Gardens Mall, and Downtown at the Gardens across the street. The location is good. I would stick it out, and yes, you did get in on the high side.

[getty]

I'm not being contentious but Florida got hit first. This is no revelation. The buyers market is in progress. I thought Miami and Lauderdale were the first ones hit here but I'm not down there.

Any feeling whether South Florida residents are still moving to North Florida or are they stuck because they cant sell right now?

[Codythebest]

Any feeling whether South Florida residents are still moving to North Florida or are they stuck because they cant sell right now?

They stuck. Average asking prices at $1,200,000 for condos are at average of $830,000 now. That's already 30% less. Let's give South Floridians another 12 months and we all can buy there for peanuts :D

[REbuyersgroup]

OUCH!

Those pesky South Americans all got what they asked for. Ha.. Ha... Go back to Agentina and Columbia.

Welcome to MIAMI !!!! Maybe it will be part of the US again someday.
If I could speak spanish, I would post it that way, but I don't.

I get calls all day from stunned buyer of Jorge Perez projects who made tons of money in 03/04, and now crying the blues. Take your lumps and move on.

I'll take your property for .50 cents on the dollar, because I have CASH to buy! unlike all you wannabe investors who leveraged every last penny out of your homes.

NEVER invest more than you are willing to loose!

[thaipainter]

How is the market there?....Looking for something in 400-600 range condo near the beach.....email me with views and pricing please.

Cordially,
Dan Delahunty

[TimuM]

How is the market there?....Looking for something in 400-600 range condo near the beach.....email me with views and pricing please.

Cordially,
Dan Delahunty

Market is still very slow.. I saw on the news a couple days ago a builder auctioned some of the units in his building.. The prices were 50% lower than what regular buyer payed a before....