Yes. What you are doing is the equivalent of walking into a used car lot and asking the salespeople if today is a good day to buy a used car. Wait at least another year before considering ANY purchase in South Florida.

Wait another year, save another 20%.

It may continue to tank...but you better believe in one thing...after recession comes expansion. In the past...most markets that go down will rebound...just wait and see!

There are a few exceptions to this...like steel towns that have become ghost towns...but even then...you never know what will happen 10 to 20 years from now. Some investor or visionary may purchase all the land and abandoned properties and turn it into a thriving community. I've seen homes that have become the ugliest you can imagine...become the nicest looking home in the neighborhood.

Everyone loves the Grove! It is in a great location near the Gables and Downtown. Though it has been hit hard from the downturn people still are looking and picking up good deals. If you find a location you like at a good price grab it now. I have a fix me upper at 3245 Oak Ave, near the Post Office and CVS if you are interested. Good Luck

This is a hard question, I wish I have a crystal ball. Coconut Grove has unique homes. If you see a good price and a house that you like BUY it.

Andrea,
I am a Coconut Grove Real Estate Specialist. I work only in Coconut Grove. The market here is stable (even the condo market) compared to other areas in the Grove. Instead of getting into the nitty gritty in this comment, view my post on Active Rain http://activerain.com/blogsview/592383/Coconut-Grove-Real-Estate where i discuss the latest facts and trends for Coconut Grove Real Estate. While there are some deals out there, they are few and far between and have not started to affect the price of our homes yet.

HI Andrea......hope all is well. Well what I can tell you is Coconut Grove, Coral Gables, and Pincrest all have a relatively desireable location, therfore they are generally less susceptibe to large price changes than less desireable locations such as Homestead, West Kendall, and Doral. I take applications for individuals that want to refinance your mortgage every day and when my appraisser gets back to me with the values, the properties in HOmestead and Doral are two areas that the values have dropped realtively higher than coral gables and coconut grove. Hope this helps. If you have any questions regarding your mortgage options for buying a property or refinancing (amount down payment required, mortgage payment, rates) feel free to ask! My name is Javier, we are here local on flagler and 39th avenue. Have a great day!

The Grove has alot going for it and has been popular for a hundred years. It is close to the water, downtown Miami and is full of great restaurants and shopping. When you buy a house you can add square footage but you can't change the location. The Grove is situated very well in Miami-Dade. The prices are negotiable but there is alot of activity. I have a major fix me upper near the post office and have been showing it like crazy. The market is better than you think. The Grove will always do well. Call me if you have questions-Pam 305-216-5864

Prime properties in the Grove has actually been holding strong! The areas of "tanking" are where "flip" investors played the market. It appears that things are stabilizing and improving with quicker sales and higher prices already.

Dear Andrea,
The market in Miami is still depriciating as long as there are more sellers than buyers.
Properties in the Grove and Coral Gables are holding up better than in other areas of Miami.
Need more informations ? Please contact me.

Real estate professionals per the code of ethics can’t make those comments . Good luck http://www.lynn911.com

Andrea,
It is virtually impossible to time a market top or bottom. You really won't know that a top or bottom was reached until 6 months or so afterwards when you can take a look back at the market. Nationally, the market has been declining because of fewer buyers and bloated inventory. I don't see things getting back into balance anytime soon.
Scott.

Andrea,
The entire real estate market has been depreciating for some time. Some areas have declined more than others. I would say that areas like Coconut Grove, the Gables, Pinecrest, South Miami, and the Falls have actually seen a shallower decline than areas like Homestead, Cutler Bay, and other areas which have not seen as much overdevelopment.
As long as incoming inventory is higher than sales, prices will go down. So the short answer to your question is, yes, prices will continue to go down, but not as badly as other areas. We have seen a pick up sales in many areas the last couple of months, so if there is a specific neighborhood you are looking at, get in contact with me and I'll get the exact data for you.

its been considered a declining area. is that helpful?