Focusing on Miami Condo Market’s State

We all know the growing trend that surrounds the Miami condo market and sometimes it picks us to the brain as we have to be aware on its rise and fall. The Miami condominium market has been good to real-estate investors. It has been reported that in 2004, the median sales price of an existing condominium surpassed that of a single-family home for the first time, according to the National Association of Realtors. Seriously it is just about time that we give it a look and get some necessary attention the Miami’s condo market.

This trend has held steady so far through 2005: The median sale price of a condo was $213,600 in September, compared with a median price of $212,200 for a single-family home, NAR reports. It is known that throughout the nation every condo in Miami has been something that people are looking at more than residential. Why not? Well for starters, it is the hottest thing out there in the market. The market for condos remains strong — condo-sales activity in September was 10.2% higher than the same month last year. But some question whether it will last.

Chip Brown, senior vice president and co-director of production of CWCapital, a national multifamily and commercial real-estate lender based in Needham, Mass. Speaking of his firm says, “There’s a lot of supply, and the demand has been significantly supported by speculative buyers rather than occupants,” says he says, “We’ve gone from being selective to extraordinarily selective in thinking about financing condo projects.” Right now, lenders are investing on it relentlessly and have been on its tail for quite sometime. Reality states that the majority of people are likely to invest on sexy picks such as the condo market than the residential.

For now I think that the market is condos hottest mark has been years back, but right now it is in the shaky stages, but have no fear because it will have progress sooner than you ever think it will be. It is more of a guessing game but the signs are positive in a way. It’ll not take long but what Miami condo real estate market has right now is definitely something we need to keep an eye into and consider as well. Let’s be honest we are all expecting a turn out and hoping for a better forecast maybe we’ll soon have that on a better state.

Jron Magcale


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