Tuesday, April 22, 2008

Miami Real Estate Market On a Downward Slide

It is a given, the popularity that the market has when it comes to how bad it is this year is very much documented. Every paper you read it says the same thing, “Miami Condo Market on a Bust”, it is almost tiring to read the same report on the same issue day in and day out, in the blogs, news, everywhere, they are saying the same thing. So it is sort of an issue not worth paying attention to. With regards to the aspect that the markets availability and its current state, it is safe to say that it is on a phase where improvement is vaguely needed. If you watch closely the experts are already pointing out that Miami’s condo market is the cause of the housing decline for this season. It may not be as good as everybody is hoping for but the truth is out there.

More or less, the personal view point in the situation is that the great deal of the market’s pressure is coming from the overbuilding crisis of Miami’s condos. When you walk on the Miami Beach’s strips you’ll see busy half built buildings with cranes on top of them, contractors talking to their people and the common thinking of it is that they are building yet again another condo, developing yet another building with empty units. The great debate is that it is not a good idea now to build another condo building because that reports have some basis on it, they have numbers to prove that condos are really making the housing market in a downward slide.

Condo market in Miami has been in the ice cold silence since reports suggests that the market is the cause of the big disappointment in its numbers. Right now I won’t be that sure to rely on its market, although on the lighter side the condo market has been traveling great strides on trying to improve on its marketing and advertising but the result it still the same. The homebuyers are getting some doubts and are now a bit hesitant to invest. I am trying to figure out why they are hesitant to invest in Miami, when I am confident that they will get their money’s worth because the Miami Condos have exquisite offers.

Through all the hurly burlies of the market’s current state, it is a daunting task to even consider the fact that Miami is in deed in doom. I like to point out some important facts considering the market’s visibility, I know that they are in a state of confusion in it s market which explains why investors and developers still take on building towers and trying to get the buyer’s attention. Closed to the reality of the fact that Miami is making some progress on stepping up their real estate game, right now, improvement is really needed and the opposition which is the critics will not stop on picking on it. So I think Miami condo market will be in a dark cloudy days until they find a way to manage and create a boom.

Jron Magcale

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