Wednesday, September 20, 2006
How has the luxury real estate market fared this summer with regards to residential Miami real estate? People who own homes and want to sell, know very well what has happened this summer, because they can feel it. As far as luxury homes in Miami go, things have come to all but a standstill. Prices haven’t really come down much, and therefore we are seeing a whole lot of real estate for sale, but relatively few buyers. In real estate everything takes time, so prices will come down a little more, and homes will begin to sell. That having been said, it is safe to say that we are in a buyer’s market right now. Statistics aren’t everything, but they do sometimes tell a story, and in Dade County Florida, which includes Miami, Miami Beach, and a number of surrounding cities and communities, there is definitely a story to be told. For example, according to data supplied by the Coral Gables, Homestead-South Dade, Kendall-Perrine, and Northwestern Association of Realtors or their MLS, in the month of August 2006, that’s just last month, there were 28,712 homes and condos on the market for sale in Dade County, but there were only 1,528 sales. The stats go on and on, but suffice it to say that the Miami real estate market needs a boost, and that is going to take some time. The good news is that Miami is a very special place, an international community, where people from so many parts of the world feel right at home, so real estate is still undervalued. Owning real estate in Miami is always a good idea.