Cuevas, Garcia & Torres, P.A.
contact Our Firm Today
877-801-4135

Condo prices fall in Miami

When it comes to condos, there are all sorts of considerations for owners as well as prospective buyers. From the location of a unit to association services, there are many points for people in Miami to consider regarding condos. However, it is pivotal for people to follow developments in the South Florida condo market if they plan on selling or purchasing a condo in the region. After all, waiting until the right time to buy or sell a condo can have a tremendous financial impact on those involved.

According to a report that was released in November, there were significantly fewer existing condos sold in the third quarter of 2016 in comparison to 2015. Following the 2008 collapse, condo sales surged in the Miami area. However, one expert believes that the market has stalled and is facing a downturn.

In addition to declining sales, he also says that condo prices in Miami have fallen by almost 20 percent. The expert, an investor and realtor, thinks that prices will fall another 20 percent in the near future. As a result, he said that he will wait until 2018 to start buying.

Aside from people who are purchasing and selling condos, trends in the condo market can also affect condominium associations. Moreover, associations may also be dealing with other challenges related to condos, from drafting contracts to handling a developer dispute. For condo associations in this position, reaching out to an attorney who knows the ins and outs of the law can be an excellent way to figure out which steps to take next.

Source: Fox Business, "Miami Realtors ‘Freaking Out’ After Luxury Condo Market Stalls," Francisco Alvarado, Jan. 13, 2017

No Comments

Leave a comment
Comment Information
The Florida Bar | 1950 American Bar Association DADE County Bar Association | 1916 Orange County Bar Association Coral Gables Bar Association American Immigration Lawyer Association

Contact Us Today. Call 877-801-4135 or complete this form to schedule a consultation with our legal experts.

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

Offices Conveniently Located in Miami And Orlando
Google+ Facebook

Miami Dadeland Office
7300 North Kendall Drive
Suite 680
Miami, FL 33156

Toll Free: 877-801-4135
Phone: 305-461-9500
Fax: 305-448-7300
Map & Directions

Midtown Miami Office
3401 North Miami Avenue
Suite 209
Miami, FL 33127

Toll Free: 877-801-4135
Phone: 305-461-9500
Fax: 305-448-7300
Map & Directions

Orlando Office
801 North Magnolia Avenue
Suite 221
Orlando, FL 32803

Toll Free: 877-801-4135
Fax: 786-362-7127
Map & Directions

Email This Office