Condo market struggling in South Florida

| Nov 11, 2016 | Condominiums And Cooperatives |

For people who are thinking about buying a condo, there are a wide variety of issues to take into consideration, such as the location of the unit and the price. When it comes to condo sales, there are many factors that can impact both the buyer as well as the seller, including recent events that have taken place in the region. In Miami-Dade, and throughout the state of Florida, those who are trying to buy or sell a condo should carefully review their options.

According to one expert, a number of challenges have hit South Florida over the past 12 months, such as the presidential election, worries over the Zika virus and Hurricane Matthew. As a result, real estate sales in the Miami-Dade area saw a notable drop between July and September and it was harder for many people who were trying to sell condos and homes. 

While the sale of single-family homes dropped 15 percent over this quarter in comparison to 2015, condo sales were 19 percent lower. However, there was a 10 percent increase in the sale of mid-market homes. Because of the overall decline in real estate purchases, there were 16 percent more homes for sale during this time frame when compared to the previous year.

After buying a condo, some people find themselves in a dispute or facing other hurdles following their purchase. On the other hand, some people may try to sell their condo over legal matters that can be addressed. For those who are facing difficulties related to their condo, talking to a legal professional could be helpful.

Source: Miami Herald, “Miami-Dade real estate had a rough 3 months,” Nicholas Nehamas, Nov. 3, 2016

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