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