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Has the Miami Condo Market Reached Its Pinnacle?


February 25, 2016

Has the Miami condo market softened?  The rumor has been lingering around for months, and those who work in the real estate industry are usually aware of market happenings well before headlines convince the general public and prospective homeowners that it’s true.  So, what are some of the indicators that could suggest a tangible sign of a softening market besides increasing inventory and sales volume numbers?

For one, the once stringent financing requirements have been significantly relaxed from a year or so ago as lenders attempt to appeal to new buyers.  Future homeowners can now put down as little as five percent for a Fannie Mae approved condo while those considered non-conforming can close with a mere ten percent.

When there is feverish sales activity going on, developers are typically reluctant to make any compromises as contracts come flooding in.  The moment sales begin to soften, they find themselves having to appeal to buyers. In fact, the Brickell Heights condo is among the notable projects that are now asking for a thirty percent deposit instead of fifty percent, a move also being taken by the developers of the Le Parc at Brickell condominium.

Lastly, there have been several high profile projects that have been canceled, including the once widely anticipated Bath Club Estates in Miami Beach and others like the Brickell area’s Edge Residences.
This update is presented by Miami Beach Realtor Tim Allen of Blackstone International Realty, specializing in Continuum South Beach.  If you are interested in Miami Beach condos such as the Continuum condos for sale, call Continuum expert Tim at 305-588-2451 for information on sales and rentals.