Kentucky Real Estate Business

With the media back and forth on the subject of Real Estate is it the right time to buy in Miami and Miami Beach? This is a complicated question and we explore why. First we must realize that Real Estate is a local. The time to buy is different in New York than in Florida or California. Within the market of Florida and specifically in South Florida many factors have lead to the Real Estate Boom and to the Bust. Miami Real Estate is complicated. And buyers need a qualified specialist to guide them through this maze.

So in Miami and Miami Beach most of the real estate which was developed in the last 5 years was in the form of condominiums. So how do we know if it is the right time to buy? Well I think you have to go back to the original preconstruction pricing and dates of sale. The peak of the market in Miami and Miami Beach came in 2006. Condos that opened just prior to this are the ones going through major troubles now. Many of these buildings are the ones where you can pick up great foreclosure or short sale deals. Buildings opened between 2007-2008 were sold to buyers that had a long term approach to Real Estate and many who could attain mortgages without fudging the number. So deals in this time period are primarily from those sellers who own properties without a mortgage and can offer you a below pre-construction pricing deal or buying from a builder who never sold out all units in their development.

And finally the buildings that opened up between late 2008-2009. These buildings were the most expensive and will ultimately be the most difficult to sell out and close. I would stay clear of these buildings at least for the time being. Prices on these units are far from the bottom.

The take-away: Make sure you consult with a REALTOR® and do you research on these buildings individually including date of construction, total closings, strength of condominium association and past sales in the building. Every building stands apart and should be treated as such.