Home Buying in 33149>Question Details

Maria Espino…, Other/Just Looking in 33149

You spoke about the high end market in Miami Beach ,What about Key Biscayne Ocean Club and Grand Bay?

Asked by Maria Espinosa, 33149 Sun Aug 26, 2007

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This should answer the question. 1,670 HOMES for sale 1+mm in Miami dade in the month of January. EIGHT sold. eight. not 88 not 108 but eight. 1,780 CONDOS for sale in Miami dade. A whopping 14 of them sold. Prices are going a lot lower. The only people that will tell you differently are realtor's. I find it a joke that someone says people are willing to homes now (at the high end of the mkt) because the numbers don't jive. And if they say seasonality, i.e. no one buys in january, that's bs too. 43 1+mm condos and 33 1+mm homes sold in 08. The inventory of 1+mm condo's in 08 was 1,840 units vs 1,780 today. Fyi if you are looking to rent stay away from carlos at FIR.com. I just rented a place and he didn't want to give me a front door key. 6000k a month and he didn't want to give me a front door key. coto was his last name
1 vote Thank Flag Link Tue Feb 3, 2009
I think it is amazing that you could not get a front door key on a 6k rental... I used to work in that office managing close to 110 units before going out on my own. I also lived in Key Biscayne and loved it.
I am Broker/Owner of a real estate firm and can't disparage some of the responses because in essence people (I am referring to realtors) sometimes forget the difference between earning a living and doing the right thing by their clients. Hence, my desire to go out on my own.

That being said, I find myself straddling the fence a bit between the comments of Jmotrulia and Hagen in that as much as it is true there will always be a market for million dollar plus properties and Key Biscayne in particular is a unique place... It does not detract from the simple fact that not much is going on right now... One positive note about the island is that despite being next to ground zero of the condo boom it has fared "relatively" well compared to some other areas. It isn't to say the Key has in some way escaped the fallout. More importantly, I do agree that there will continue to be adjustment in price.

But, I have started to see some small deals pop-up on rental condos and noticed some good downward movement on interior lots on island as well.

Best,
Adrian
http://www.emh3.com
0 votes Thank Flag Link Tue Feb 9, 2010
I don't think it matters where the high end market is located, whether Miami Beach, Fisher Island, Key Biscayne, Coral Gables, Pinecrest, etc., buyers are out there. It is certain that the market in general has changed, but no matter what, people are and will buy homes now, as well as tomorrow and the next day ....
It is quite certain that the more affluent buyer is not as much affected by the bursting of the real estate bubble as the not so affluent, but in any case, buyers are available. We, (listing agents) just have to work a little more and harder to sell our listings, but they sell.
Best of luck.
Web Reference: http://www.hagenhendrix.com
0 votes Thank Flag Link Sun Aug 26, 2007
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