by Realtor Lucas Lechuga, P.A.
Miami & Miami Beach Condo Trends - February 2008
February 26th, 2008
...Since the January 2008 update, the overall condo supply in Miami-Dade County has increased about 10.3 percent.
http://www.miamicondoinvestments.com/2008/02/26/miami-miami-beach-condo-trends-february-2008/#comment-3299
Miami & Miami Beach Condo Trends - January 2008
January 20th, 2008
...In November, the existing condo inventory represented 4.04 years of supply. Now, just two months later, we’re sitting on 6.01 years of condo supply. This represents approximately a whopping 49 percent increase! This is mainly attributed to a large drop-off in closed sales in the previous month.
Comments:
...don’t tell me about the euros and the canadians coming to the rescue (even if their currency is strong a smart purchaser looks at price in absolute, and not relative, terms).
...Until prices come down to 2001-2003 levels, that 6 year supply will just sit there. Just not enough buyers in Miami for $500,000 small condos.
...Miami realty still has a 30-50% price correction coming in 2008-2009 and patience will be rewarded. Supply and demand. Period. Too much supply, slackening demand, propery tax system in dissaray, severe money and lending contraction, and both domestic and global economy deteriorating hourly do not make this an opportune time to purchase FL real estate.
...new construction will see a drop to about $200-$250 a foot.
...The risk of buying now - before all the fraud and flippers weed themselves out of the market - might be a catastrophic purchase. The risk of waiting until 1 year after a bottom has occurred might be that you are buying 0-3% off the bottom price.
...Wait till the market bottoms, then give it another year to see if that bottom holds and believe me, you will be able to safely purchase a property 0-3% from THE BOTTOM.
http://www.miamicondoinvestments.com/2008/01/20/miami-miami-beach-condo-trends-january-2008/
Miami & Miami Beach Condo Trends - November 2007
November 17th, 2007
http://www.miamicondoinvestments.com/2007/11/17/miami-miami-beach-condo-trends-november-2007/
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1 comment:
Hi there! glad to drop by your page and found these very interesting and informative stuff. Thanks for sharing, keep it up!
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