What’s wrong with this market? Well, nothing if you’re buying as one of the top 5% or 1%. You know, rich and famous, or at least quite wealthy. The luxury, large and spacious condos in Miami Beach have risen in price but that does not a market profile make. Overall, the Miami Beach condo market has slipped both in median price and number of sales.
What’s going on?
A hint may lie in the rental statistics. The median rent has dropped around 30% over the last year and the number of rentals has left May day peak of around 460 to about 310. It looks like the condo rental market has tapped out. Does that mean the market is less attractive to investors? I think so. The overall Miami rental market has taken a similar turn south since spring 2017 as well.
Everyone loves a good deal but the market may only be as good as about any other real estate investment and that requires caution anywhere, including the luxury hotspots.
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