Condo prices will continue to drop.

Deals done by Bold Buyers

The best deals will be done with ‘bold buyers’ willing to come in and make offers (up to 30%)

below asking. With so many sellers and properties priced above market value, bold buyers

might get lucky. Many owners need to sell their properties very fast and will take a cash offer

that will cover their costs or mortgage.

In this market (mostly on the Beach) we see a lot of overpriced condos that are lifting their

prices because of neighboring ultra-luxury projects. Although high-end condos might lift the

prices in a certain area, it wont justify hefty over-market asking prices for condos that are

not up to par. Sellers of such units will soon enough notice that today’s buyers are more

price conscious and won’t pay above market unless the property justifies the price.

Single family will remain stable, but very high end homes will still be slow

The single-family market behaves in a completely different way than the condo market. We have seen steady increases over the last few years and the necessary corrections have taken place already for the most part. It is just in the ultra-luxury market that we see less demand, yet more demanding buyers. In our 2017 Miami real estate report we showed that even in very healthy markets, the highest prices per SF saw a decline. This means that buyers are not paying top-dollar anymore for properties that are not finished perfectly or otherwise justify the high Dollar amount per SF.- David Siddons Group.

Miami, Florida Housing Market Forecast: A Dip in Home Values?

According to the real estate information website Zillow, the median home value in Miami rose to $300,500 as of July 2017. That was a slight increase over the previous year’s median. According to the company’s analysts, prices in Miami rose by 2.2% during the 12-month period from July 2016 to July 2017.

Looking forward, however, their economists’ forecasts call for a slight decline in Miami home values. In July, the company issued a prediction that prices would actually dip by -0.4% over the next year. This forecast was issued in July 2017, so it extends into the summer of 2018. -By Brandon Cornett

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