Inventory in Dade County for real estate continues to shrink. I guess that everybody who follows statistics that for last year the amount of real estate owners have decreased for over 3 million. Almost all of them become tenants.
What does it means for real estate professionals? A lot of realtors are making their money finding apartments or houses for its clients. To find it in exclusive communities such as Turnberry Ocean Colony at Sunny Isles beach, Majestic Tower at Bal Harbour or The Palace at Bal Harbour become not easy task. It is almost impossible to rent there 3 or 4 bedroom apartment. The average duration of the unit been on the market there is 1 week. Exception? Yes, if you have the tenant who does not want to show the unit or at least does not allow it and your potential client is not willing to pay let say 10,000.00$ without looking the unit you are still at the trend.
Do you know how many houses are for rent at Bal Harbour Village? Between none and one. It depends how lucky you are. What am I trying to imply is, it is of course has become much more profitable to live in rentals when you are paying around 50-60% from cost of paying mortgages, taxes, and maintenances.
But, at some point, we will see a shift toward ownership. Of course we have to wait for an easier time to borrow money from the bank.
To keep me honest, visit my website and click on my rentals in Sunny Isles, Boca Raton, and Bal Harbour.
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