With Hurricane IRMA not causing any major damage to City of Miami, we are extremely lucky and pray for the people in Florida Keys for a speedy recovery.
Winter is Coming theme from GOT could not have had come at a better time, . . . welcome back to learning more about the Miami condo market. In this newsletter I am going to talk about the distress that has been brewing in the especially in Miami Brickell/ Downtown condo market and we should see it's full effect this winter. The good news is rental market remains strong and will adsorb the additional units.
Brickell Condo Market Update
38% of Q2 2017 Brickell Sales Resulted in a Loss .In Q2 2017 62% of Brickell condo sales resulted in a gain and 38% of sales resulted in a loss.The average resale resulted in a 1.02% annualized gain for the seller not including carrying costs.The average holding period for a condo in this analysis was 7.8 years. Source : Statfunding.com & MLS
Hurricane IRMA update
All the new BRICKELL construction held up really good with buildings not losing power or water supply and all the buildings were up and running in less than 48 hours to full capacity. Regarding the market we will see more units coming to the market due to the hurricane, especially people owning more than 2 homes trying to reduce their risk and this will create more buying opportunities.