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South Florida’s Condo Market Adjusts as Necessary


April 11, 2017

soBeCondos

It’s been a year of challenge for brokers and developers working in South Florida’s pre-construction condo market. Miami has seen something of a slowdown, forcing sellers and agents to adjust their pricing and strategies to get those lucrative deals closed.

Per recent reports, condominiums spent a greater amount of time on the market and were sold at lower prices in 2016. Sellers have had to shift their expectations. Among Miami Beach’s luxury condos, the difference between listing and closing price increased by just over twelve percent during the fourth quarter of last year. This change is more than seven percent compared to 2015. At a building like the acclaimed Faena House, units were selling for about $12.5 million, a considerable discount from the original asking price of $16.5 million.

So far, it appears 2017 is shaping up to be a buyer’s market. With the glut of inventory available, prices may continue to go down to try and reduce the surplus. This, coupled with the possibility of an increase in interest rates, may draw the attention of buyers, albeit at a lower price point.

Even with the surplus of inventory, developers continue to launch sales for new projects in Miami and Miami Beach.

This update is presented by the Miami Beach real estate team representing Blackstone International Realty, specializing in the Continuum in South Beach. If you are interested in Miami Beach condos such as the Continuum South Tower for sale, call the Continuum experts at 305-588-2451 for information on sales and rentals.