Right now, it is not looking pretty; the market is doing a downward spiral, it Miami Condo Market is in its doom stages, at least for this year. The market is a bust for about a few months now. I am not impressed by the way the state is handling its market as they still allow investors and developers to build condos that in time will just be unsold. The numbers aren’t lying, not by a long shot over 20,000 units still untouched and about 20,000 more still building, you do the math. Because of that the overall real estate of the city is in decline as well, the common thought is that the condo’s decline is pulling the market away affecting the housing and residential markets as well.
In the series of the growing trend of the bust in the market, it is rather a usual and normal sight the numbers are on the negative, thus the investors and developers are still optimistic of some kind, I don’t know where they are getting their confidence but wherever they get it, it’s their business. It’s almost funny that the market is doing really terrible this year when the solution is just around the corner. Officials are playing blind as they allow investors and developers to somehow build more and more condos in the Miami area. Now it is a matter of time till changes are made, it’ll be rather a big boost to make changes, not that I am down siding the market but the signs are pointing on one direction. Miami is always known to be a real estate hot spot, now it is still a hot spot but in a different way.
The beaches and city lights of Miami is still desirable, Miami is and will always be a vacation destination whether you like it or not, but its condo market is really down sliding, realtors are doing their best to sell properties but still it is in a very slow phase. I don’t know what went on advertising, strategizing and everything still no change. I can’t believe that a great city such as Miami can suffer declines in its market, maybe it is just the nature of the business but sometimes it depends on the investors and developers.
The more and more the market is getting exposure the better it’ll get advertised not that I am saying it can be bad or good, it’ll be up to you to make judgment on it. It’s hard to push through the market as it has been in cold spell right now. Now Can we judge it with the recent numbers, but let’s give it a benefit of a doubt, the nation is having a decline and its because of the economy-wise, but excuses are easy to make but let it be known nothing is constant it might change in one click then go back to the decline we’ll never know.