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Is this the right time to buy a condo? 
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Miami Condo Market Outlook for 2018, Part 2 

Miami Condo Inventory Is At All Time High

Continuing my analysis from Part 1 series, in this one I am going to talk about the market with more in-depth quantitative analysis. If you need more details about Miami's Condo Market, please contact me directly.
 

  • Months of condo inventory in Miami-Dade means inventory is at an ALL-TIME HIGH
  • At the price point of $1M+, citywide there is almost twice as much inventory as there was during the 2008 financial crisis. The inventory buildup is not spread evenly; some neighborhoods have more than twice as much inventory as was available at the height of the financial crisis.

Miami Condo Sales Volume

  • Miami's 2017 condo sales volume, for the fourth consecutive year, closed with decreasing sales volume year-on-year.
  • Compared with 2013, Miami condos sales volume is down a staggering 26%.
  • The Bubble is particularly evident in the High-End Condo Market Sector (properties with price point greater than $325K ).

Why Invests in Miami Condo Market now? 

  • Mortgage Rates will be climbing up further in 2018
  • The rental market is extremely strong in Brickell Area
  • Brickell was named one of the fastest growing neighborhoods in the US, with population growing at 30% / year since 2010
Distressed Deal in the Market
Brickell City Center : 1BD + 1.5 BR | Class A building
Current Listed Price: $475,000 | Total Sqft: 1,040
Taxes : $666 / year
HOA : $800/month
Current Rent : $2,550/ month
Current Net Return after expenses : ~2.8% at the listed price


 Unit was initially listed at $587,000 and given the market conditions will sell for 10 - 20 % from listing price. 
Millicento  : Studio | Class A Building
Current Listed Price: $225,000 | Total Sqft: 540
Taxes : $382/ month
HOA : $335/month
Current Rent : $1,675/ month
Current Net Return on cash after expenses : ~5.2% at the listed price

 
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Varun Hemraj

Real Estate Advisor
Keller Williams Realty
varunhemraj@kw.com
Cell: +1 703.732.0764
 
Copyright © 2018 TheBrickell.com. All rights reserved.
 

Disclaimer: The information contained in this report was obtained from sources deemed to be reliable. Every effort was made to obtain accurate and complete information; however, no representation, warranty or guarantee, express or implied, may be made as to the accuracy or reliability of the information contained herein. All data from the Miami MLS. Rate of sales determined by a six month trailing volume average. Data does not include pre-construction inventory or pre-construction sales (except for the few that have been entered in the MLS). Data is through Dec 31st, 2017. 
Source :http://analytics.miami 



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