The Miami Condo market had been on the rocks for a long time, but now it seems to have suddenly gotten off the rough road. The Miami Condo market is now headed for a smooth ride back to business. It truly is a pleasant surprise for Miami Condo market as investors are now coming back as prices are being dropped to the $200 per square foot level. The combination of overbuilding and top of the market prices make people feel like they are getting a deal.
By the way, there have not been any government programs or incentives in this. All it took was just the combination of the right product at the right price bringing out buyers. No one ever thought it would have such a radically positive outcome:
In recent weeks developers have sold hundreds of condos, in a flurry of activity they haven’t seen since the peak of the housing market. Some builders are actually running out of inventory. The first building to sell out, Brickell on the River, happened quietly and quickly selling 120 units in just six weeks time.
“It’s pretty impressive when you walk into a sales office and you have 20-30 people waiting to see units. Sounds crazy but it’s actually happening now,” Andres Asion, with Miami Real Estate Group, told CBS4’s David Sutta.
Before Asion could deposit the checks, he had sold out the entire building out; something developers in this area have not been able to do for the past three years.