It's Varun here and welcome to my first newsletter!
Let's talk about one question that's on every buyer's mind: Is this the right time to buy a condo? Let it be a first time home buyer or investment property buyers, everybody is wondering the same thing about the Brickell, Downtown, or Edgewater area.
We are seeing small pockets of discounts in the market and the numbers suggest it is definitely a buyer's market. Time will tell us how the preconstruction and existing resale market will be affected in coming months.
The current Miami real estate market is very different an the landscape of 2009. Developers have pretty much sold most of their inventory and are not in distress as they were in the last crash. We believe it's a re-sellers' distressed market, and we will see price corrections to accelerate in the near future.
In 2017, developers will deliver 3,456 units new units to downtown Miami, according to the city’s Downtown Development Agency. Next year, the city expects another 2,846 new units.