Recently, a large lot located at La Gorce Island was sold after sitting on the market for quite some time, well around two years. The property which is located at 60 La Gorce Circle in Miami Beach was up for grabs at $4,999,000 however, it was closed a much lower price of $3,200,000 which is around 36% lower than the original price.
This sale exemplifies how most real estate properties in Miami are doing now. Because of issues in the market and in the economy, prices are going down much faster. Because of this, the Miami real estate market has been branded as a buyers market because of the great deals a buyer could get. But even when faced with these issues, a lot of realtors and investors still see a lot of potential in Miami real estate.
Current Issues
We all have heard of the housing slump and how it has affected the whole country. Miami real estate as being one of the largest and the most active market in the country just happened to also be one of the most affected by this issue. This resulted to controversies pertaining to large Miami real estate properties being resold for a much smaller value.
More than that, a lot of other real estate properties have also been either unsold or foreclosed. It may seem to many that Miami is losing its glory as being an investors haven. Fortunately, it is becoming much hotter for buyers who are interested in the great bargains Miami real estate has to offer.
The Miami Real Estate Market
Most people who are involved in the Miami real estate market are wealthy citizens, as transactions here usually would involve millions of dollars. Since the Miami real estate market is a buyer’s market, there are now numerous controversies with buyers getting great deals such as the one stated earlier. The selling and investing market of Miami real estate has lost its former glory.
Even with these rather negative issues, some investors would still believe that Miami real estate has a lot of potential for investing and for selling and in fact, a lot of reputable and competent people continue to invest in Miami real estate.
Miami Real Estate Prices
Miami real estate prices are now going through turbulent roller coaster rides, you would never know what to expect from this. Because it is very active and is worth a lot, there are a lot of things happening here but the most common things happening now is that most prices of real estate prices are getting lower dramatically.
These issues are not all negative as buyers of real estate have great values.
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