Looking Back at Miami Condo Market’s Boom

A few years back, probably two years ago, the Miami real estate market was hot not just hot I mean it is steaming red hot and the hype was contagious. It is really on its own roll and beginning to give the entire state of Florida the sizzle. People have been lured for its combination of hype and trend and investors here and there busy on which property to invest next, it was on of those nice times. But now, it all changes, like everything in this world, the market have slowed down and the changes are really significant, so significant it started to hurt the entire real estate market in the state.

On a report I have watches on T.V., when ABC News shot a story about it in the fall of 2005, it called it “Boomtown Miami.” Old buildings were falling to make way for new condo towers that were selling out in just a few days. It was a good thing for Miami, it is definitely a great thing, the Boomtown, as it called is really making a move on the market and it is striking like a knockout punch. Kari Fernandez, a condo sales agent, said that “It was very exciting. It was an adrenaline rush,” and added “We’re talking almost 1,000 units sold in a week.”

Investors, speculators, flippers, everyone seemed to be making staggering profits at least on paper in a matter of weeks. It is definitely one for the books. People in the market are enjoying it, it was like a Christmas morning when you wake and see all these gifts under the tree. Across the country, the real estate market has gone flat, but nowhere like in Miami. Not that Miami is suddenly at a standstill: In the skies, flocks of building cranes compete with birds as Florida condos race to completion. Look around, and you can see a skyline transformed, with more than 100 new condo buildings now under construction, representing about 25,000 condo units due to be completed and delivered in the next 18 months or so. It was fast and it was really in the hot spot. It was dubbed as a favorite condo hot spot in the nation at that time.

That was about 2 years ago, right now we are in a different state, the other side of the table so to speak, we have moved and the movement was fast as well, although we think there is potential, potential investors thinks other wise and developers are avoiding new projects, focusing instead on completing construction and sales for all those buildings already under way. It’s a far cry from the adrenaline-fueled Florida mortgage loan boom of just two years ago. It was great to reminisce and think about how good Miami condo market was, but I think we still have chance, after all the lesson I’ve learned from 2 years ago is nothing last forever, and that includes, boom or bust.

Jron Magcale


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