Everyone has an opinion on this, so I may as well offer mine. We are at the bottom of the market in some neighborhoods in the Miami and Fort Lauderdale areas and in others we are not. One of the key determining factors is that the supply has been level for over 12 months in some areas like Miami Beach and South Beach, whereas, areas like Downtown Miami and Brickell have rising inventories due to new construction and significant new inventory that will be coming online for the next 12-18 months. Additionally, sales in Miami Beach and South Beach have been steadily increasing for the last 4-5 months, whereas, other areas are not showing much increase if any. It all depends on the neighborhood and in some cases, even the building.

If you buy waterfront whether it be a condo or a house, you are going to do just fine long-term. Long-term being is defined here as 5 to 10 years. Could you see nice appreciation in 2 or 3 years? Maybe yes; maybe no. No one can accurately predict the bottom of the market. Typically, people finally buy after they have seen the market go up for a period of time ultimately losing out on a gain. It is more important to find a good value than to try and time the market just right. The most successful people in real estate buy property and hold them for at least several years. They are patient, opportunistic and realistic.

If you listen to the media, they are predicting all kinds of different scenarios, however, there is one MAJOR thing missing. They do not understand the local real estate market. They can look at a bunch of statistics, but they are not able to explain why some areas are doing better than others or why some buildings have almost no inventory and their prices are relatively stable, whereas, other buildings have a lot of inventory and are not selling.

There are great values out there and some very good deals. You just have to know where to look. Are you going to be able to buy a condo at the Setai or The Apogee for a steal? I doubt it, however, if you like a specific building that has some inventory, I am pretty sure you will be able to find a seller who is tired of having their listing on the market now for more than a year without any decent offers. Some sellers will be more flexible than others depending on how much equity they have left in their condo or house. Others may be in a desperate situation due to personal reasons or a bad loan or too many mortgages. Every situation is different. One just has to be realistic and patient, however, if there is a good deal now, grab it. Don't wait for the market to go down another 20% because your friend who has annointed himself as the real estate expert is pessimistic, or another national "expert" predicts a continued downturn. As long as you are not investing your life savings and doing something foolish like stretching yourself beyond your comfort zone, then you are okay. Make sure that you can afford to buy something and hold it for several years.

If you want to rent it out, look for buildings that have flexible rental policies or make sure that you find good long-term quality people to rent for 6 months to a year. If you are buying the unit in "decorator-ready" condition, then hire a good, intelligent, savvy professional to oversee finishing the unit and helping you decorate it so that it is rentable or leasable. In other words, the unit should be furnished and decorated in such a way that it is appealing to the vast majority of people that would want to rent it or buy it. One person who has helped my clients renovate and design their homes is Cristina Euirpedes-Sahlman. Yes you are right she is my wife, but I would not be recommending her to my clients unless I knew she was very competent and talented. For more information on interior design, renovations, project management and other related subjects, contact Cristina Euripedes-Sahlman at 786.280.6200 or click here to view some of her work. She can also be emailed at email her at Cristina@HomesForVIPs.com.

There are buildings now on the Miami side of the Bay along Biscayne Blvd. or near it that are great values right now. There are waterfront condos available now with nice views for under $300 per square foot in some buildings. Oceanfront is higher and depends on the building. The King Cole Condo in Miami Beach is definitely undervalued right now, because of the correct public perception that it has been being renovated for over 4 years. Now that the assessments have been made and the most of related work has been completed, look for savvy buyers to start buying there. Additonally, the entire area where it is located (Normandy Isles Architectural District) is being considered for inclusion to Natonal Register of Historic Places. Other condos in buildings in Miami Beach and South Beach have experienced price drops from 20% to 40%. The modern waterfront buildings with nice amenities that are well designed are in demand. Sure the prices may be lower than a couple of years ago, but they will always be in demand if they offer value in a good location.

For more information on Miami Beach, Miami and other waterfront real estate, call me at 786.553.0697 or email me at Michael@HomesForVIPs.com. View our website or look at past blogs at www.HomesForVIPs.com. Please feel free to contact with any questions. Tell us the area or the building you prefer, and we will find you the best value there. Additionally, we specialize in distressed property and bulk sales.