Jump to Navigation

Miami-Dade sees increase in condominium inventory

For condominium associations, all sorts of issues may arise from time to time. For example, a condo association may become entangled in a legal dispute, have difficulty enforcing documents, become involved in a standoff with a developer or have a hard time collecting funds. In Miami-Dade, and all other parts of Florida, the condominium market is constantly changing, which can also affect condo associations.

A recent report draws attention to some of the concerns that people may have concerning the condo market in South Florida. In fact, Miami-Dade is seeing a significant increase in luxury condominium inventory as foreign purchasers have backed off. Between the fourth quarter of 2015 and the same period in 2016, there was a 69 percent increase in luxury condominium inventory in the region.

When it comes to condominiums in the $2 million to $4.9 million price range, Miami-Dade has 58 months worth of supply. However, for condominiums that are selling at more than $5 million, the supply in Miami-Dade is 108 months. Because of the current market, many sellers in South Florida have lowered their prices.

Regardless of the type of problems a condo or homeowners association is facing, figuring out the most sensible way to tackle the issue is paramount. Understanding condominium association law can be tricky and many people who are facing these hurdles feel as if they do not have enough time. However, there are steps they can take to gain a clearer understanding of the smartest course of action. For example, some consult a legal professional who has handled many of these cases.  

Source: TheRealDeal.com, "Condo inventory skyrockets in South Florida as foreign buyers remain on sidelines: EWM," Francsico Alvarado, Feb. 1, 2017

No Comments

Leave a comment
Comment Information
  • facebook
  • facebook
  • twitter
  • Google+

Contact Us

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Cuevas, Garcia & Torres, P.A.
Attorneys at Law

Miami
7480 S.W. 40th Street
Suite 600
Miami, FL 33155
Toll Free: 877-801-4135
Phone: 305-461-9500
Fax: 305-448-7300
Map and Directions

Midtown Miami
3401 North Miami Avenue 
Suite 209
Miami, FL 33127 
Map and Directions

FindLaw Network