Miami Real Estate Flounders On Sinking Prices

Reader Comments (Page 1 of 1)

3-24-2008 @ 5:04PM

FD-Condo-hotel-South-Beach said...

Excellent article Vanessa.

As a real estate broker I will like to add something about the fact that real estate is local.

When somebody tells me that Miami real estate market is in crisis, I like to ask which part of Miami he is referring too.

You have some condos in Downtown, and even more Brickell which will greatly suffer from this crisis. I will not be surprised to see them down by 50% or even 60%.

But other places like the luxury condos in South Beach will not suffer that much and 10% to 15% discount is already a great deal.

My criteria will be the Ocean or Bay view, and then the quality of construction. I think that many buildings not in a prime location right in the water will loose a lot. But the nice buildings in a good location on the water will suffer but will come back quickly. We have so many people coming in Miami from other cities, other states, and other countries, with cash money, and they all want to live on the water.

So crisis yes, but with different intensities.

Good luck to all the deal hunters. They are some great deals out there.

Best regards.

FD @ http://www.condhotel.com (Condo Hotel South Beach)

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