I don't know about the rest of the country, but in Miami Dade County the market appears to be rebounding. Statistics show that the market hit bottom in December 07 as it pertains to pended sales. However in January as expected closed sales dropped, but pended sales started climbing and both pended sales and closed transactions have been climbing ever since.
We just received the statistics for the end of May and once again the numbers are showing a trend for climbing sales. To show you how things have changed, closed sales in January '08 hit their lowest point at 718 living units of houses and condos combined. Since then in February 748; March 943; April 957 and by the end of May sales had gone over 1000 units.
Our Beach office has been having great sales over the past couple of months. Since inventory is still high, properties in general are still sitting around for 3 to 6 months. But the good properties, in good neighborhoods at great prices are once again selling. I have one client I am working with who has alredy lost 3 propeties they liked because of procrastination. Now that they know that properties are selling they are getting more serious about buying.
We don't know if this upturn is going to continue, but if we have a quiet hurricane season it is very likely that prices could stabilizing by the fall. So if you want to get the best deals, this is your best time to buy. I don't know about the rest of the country, but in Miami "soft market" is old news - the market is alreay turning.
Prices in South Beach have certainly fallen. You might ask when is the best time to buy in? Well just before the "experts" say the prices have bottomed out! Who knows???
Your best bet is to invest in beach front property, or close to it.
South Beach has one of the best beaches in the world so why not take advantage of those beautiful waters. And of course, it goes without saying, the night life rocks too.
So rent in South Beach or Fisher Island this winter. Get away from the New York snow and enjoy. Then you will know better where you want to live.
I, personally, love South Beach living...
All the best,
If you are looking to buy in order to turn around and resell, you need to buy one way. If however, you are buying with a long-term wealth-building investment strategy in mind then, who cares?
The bottom line is that property can be purchased today at incredible prices. Miami Beach remains a hot buzz destination world wide and interest are still very low. However, remember, neither prices nor rates will remain this low.
Depending on your age, you could hold and enjoy the benefits of this property for a long time, and still leave it for your kids to enjoy as a legacy.
Consider this, in 5 years it will be 2013. Will you be beating yourself for not having purchased that Miami Beach condo at those low rates we had back in 2008? Or will you be visiting or living in it, enjoying a pool or beach day with friends and family?
Remember, "Luck is when preparation meets opportunity" so think through the process, prepare and enjoy.
Prices have come down...But look from what level...
Now you can find real good deal in Miami mainly in Condominiums . But location and quality of construction stays a good value .
Home sale in Miami should go back to a normal level in 2008