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.
The market has definitely been picking up since 2012, there are still amazing deals to be made.
If you would like, I could send you some listings for you to look at.
Please let me know what your criteria is so that I can narrow the search and match your search.
Real Estate Agent
Engel & Voelkers/Miami
1200 Brickell Avenue
Miami, FL 33131
Grove Town Properties
2809 Bird Ave #2G
Miami, Fl 33133
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.
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.
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.
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.