Miami Beach Real Estate Market: Is it the right time to buy a condo in Miami Beach?
Categories: Buying Real Estate, Miami Beach, Real Estate News
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The condo market can be a bit frightening when you’re looking from the outside. Rumors of pre-construction projects coming to an end, panicked investors and tightened mortgage rules sound very chaotic. Just how low are prices going? How great are the deals that buyers can pick up? Deals for buyers are extraordinary and as long as buyers are realizing that this is an important business decision. Keep in mind that the Real Estate market is cyclical and is constantly changing. If you’re a wise investor this is the perfect time to buy. There is plenty of new inventory with sellers willing to sell their condos at discount prices and plenty of bank owned properties. In today’s real estate market timing is everything. Yes, there is lots of inventory out there but sorting through it and finding the best deals is key. This is the best time to purchase South Florida Real Estate. It is the right time to invest, not to flip and make a profit in 6 months since those days are over, but keep it for 5-7 years and resell it for a great profit. The basics of real estate are to buy and hold. Primary resident purchases should be for a minimum of 3-5 years for new construction — ideally you bought into the first phase release — so that you’ll weather a 6-18 month hiccup in a local market. As an investor looking for value, your timeline will be part of your overall strategy. We can’t solve today’s problems with the same level of thinking that created them. Now that the market is going through its anticipated adjustment period, profit margins have returned to more realistic numbers.
Being anti-housing seems to be in vogue. As housing went down the economy was vastly affected because this is the number one store of America’s wealth. It sounds complicated, but it’s really fairly simple. Banks lent hundreds of billions of dollars to home buyers who can’t afford to pay them back. Risky debt was taken by Wall Street…it was dressed it up as fancy securities and sold it around the world as safe investments. Banks are now attempting to unload properties and have suddenly become landlords. This negative cash flow clearly caused a flu in our economy. Beginning to see how we got into this turbulent market that we are in? Within these negative statement lies our greatest opportunity to implement the new paradigm.
Miami is an international capital that will continue to grow. We have an ongoing demand for international and second home buyers. South Florida real estate is inevitably going to increase in value. Our permanent population is continuing to grow by almost 70,000 new permanent residents per year in just Miami and Ft. Lauderdale. The U.S. Census predicts that by the next decade Florida will become the third most populous state in the country, surpassing New York, and experience the third-highest population growth rate in the country, behind Nevada and Arizona, over the next 25 years. The baby boomer market is the largest real estate market in history. Florida is one of the primary states baby boomers will settle in when they retire. The condominium market in Miami will recover so take advantage of this buyers market. This is the time for you to prepare and invest wisely and watch your assets grow in the future. Now is the time to buy. Buy low. Sell high. It sounds easy enough but many are hesitant to invest in real estate right now. Don’t make that mistake. Today’s opportunities in our South Florida market weren’t available a few years ago. Those with a clear vision to make a wise investment today will benefit in the future. If you’re trying to decide who to work with, who to trust, you need to look beyond the glitz and glitter and look at the whole package…and while you’re at it try googling their name to see what, if anything comes up. Real Estate is not something to gamble with…take some time and really think hard about who you want to work with.
If you are interested in how you can start your Real Estate Investment portfolio, have any questions about buying or selling, a rental, income or investment property in the Miami Region, or are looking for a tip on a great deals and buys in this market, please email me at Victoria@milliondollarluxuryrealtor.com or call direct at 305.766.8447.
