Historically, the increase in inventory in any particular area will directly impact the market. Aventura has not been the only area in South Florida experiencing growth and construction. Prices for Aventura condos have decreased due to the amount of inventory and construction, and there has been an increase in rentals.
As for the reasonable cost - I recently wrote an article that we're beginning to see a shift in the rental market. More people are starting to rent and rental prices are beginning to increase. I suspect that the rental inventory will decrease as well and it will be the beginning of a shift from the very down market we are experiencing.
Take a look at the article when you have a chance - it's all about real estate market cycles and recognizing triggers. I would love to get your opinion on it as well.... more