Miami Beach condos have become the gold standard of Miami real estate properties. They have not been on observation by people who have plans of immigrating to Miami but also by real estate investors who have seen a great potential on the values of these properties. These real estate units have proven themselves many times over and have been known to be unsinkable for quite some time.
However, things are much different now. The Miami real estate market, a majority of it which would include Miami condos has been ranked the 3rd riskiest real estate market in the country. Numerous condos have been resold at values that are close to half of the original values. From the standpoint view of investors, things are getting quite ugly at the Miami Beach condo Market.
Penthouse Sells At $10 Million Below List Price
Everyone regardless of position or interest would view the market for Miami Beach condo the same way which is always in demand, unsinkable and the prices of it constantly going up. However, a recent transaction gave somewhat like a slap to the faces of people who have always believed in investing in Miami Beach condos.
Recently, one of Miami’s most luxurious penthouses known as Ill Vaggio has been sold ten million dollars short of its original price of $17.5 million dollars. The lucky buyer surely had a great deal with that but this is one big sign that tells us how exactly the Miami beach condo market is doing now.
Issues That Could Have Caused These
The first thing people would blame for such happening is the recent housing slump that has hit the country, and that indeed is very true. Because the selling power of Miami condos has weakened, owners have been forced to lower the prices of properties to adjust to the situation. With what has been seen, now indeed is not an ideal time to sell properties in Miami real estate.
Another issue is the shifting of the Miami real estate market into a buyer’s market. Since buyers are more favored now, this means a lot of great bargains for them.
Other Views On Miami Beach Condos
Even with the issues just happening, some realtors would still insist on the potential of Miami Beach condos. What they see here is that these units, as a gold standard of living in Florida’s biggest city, have always been in demand and will always be in demand.
The Miami Beach condo market is going through a roller coaster ride and with that, you would never know what to expect what could happen next.
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