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  1. #1
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    Default 2007 New Condos in Downtown and Biscayne Corridor

    Hi, my name is Bill Hernandez with the BSBH Realtor Team (www.BSBH.com). I am a top producing realtor in Miami. Here is a short update of the condo market as we head into 2007 new year.

    As you know, the real estate market in 2006 was a very rough market to be in. The only news articles that were published headlined 'Burst', 'Bubble', 'Declining prices' and so forth. However, over the past couple of months there has been a light at the end of the tunnel. We have seen a surge of transaction's occur in the last two months of 2006. There was a jump of condos in contract from 55 to 40, comparing December to October numbers respectively in the Biscayne Corridor and Downtown area. For Miami Beach, sales have held strong and there are currently roughly over 250 condos in contract. With this being said, I am seeing alot more buyers inquire about the new condos that will be available in 2007. The ones to watch are Ten Museum, Marina Blue, 900 Biscayne, 50 Biscayne and 1800 Club.

    All indicators are showing that 2007 will be a good year in real estate and that the buyers will be bargain hunters getting great deals on new construction condo buildings.

  2. #2
    Administrator Michelle's Avatar
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    Hi Bill,

    Welcome to the Forums! We're glad to have you here.

    In Miami Beach, (zip code 33139), I saw that December was higher in sales than Sept., Oct., and Nov. but didn't even come close to sales in June, July and August. However, the average sales price rose to $651,000. With prices like that, it's no wonder sales have plummeted compared to 2005.

    It will definitely be interesting to watch the market. I think Miami is going to be called "Renters Paradise" real soon.

  3. #3
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    Hey Michelle,

    How are you and thank you for welcoming me to the forums!

    If we compare the numbers from November 2005 compared to November 2006 there was actually a 24% increase in business overall in Miami-dade. However, when we speak of a specific area code like 33139 the market is very stable for such areas like West Avenue and the popular SoFi (south of fifth) area. The average sales price did rise and this is a great indicator that in December we are starting to see a slow recovery in the residential market. However as we enter 2007, the average price of certain non-water front condos will drop because of the vast amount of condo inventory that is coming out of the ground in Brickell, Miami River, Downtown, and the Biscayne Corridor. We are seeing that speculators that purchased in late 2004 or early 2005 are willing to sell their 'investment' condo for what they paid for OR even walk away from their deposits and NOT go to closing.

    This is a positive for a real buyer and end user for our beautiful city Miami. There are several great condo deals to be had and the realtor that has the relationships with the developers are the ones you want to work with to find you that deal.

    As far as a rental market, Miami has been very hot for great rental deals since the beginning of 2006. You are seeing condo owners willing to rent out their units at a price that only covers 60 to 70 percent of their carrying costs. This will continue with the massive amount of inventory that is coming online.

    So yes it is going to continue to be a 'renters paradise' and yes the market is improving.

    Bill

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