South Florida Condo Owners Slashing Prices

South Florida CondoSouth Florida Condo owners are slashing prices. With the current pace & trend of the real estate market, sellers have come to terms with what it takes to get their property(s) sold in this strong Buyer’s market by slashing their list prices. With condo selection rising to ~40 months of inventory, buyers are taking their time to cherry-pick the sweetest deals.

Sellers have finally realized the decision & need to buy is based first and foremost on PRICE, then features such as the brand new kitchen and baths used from boom equity. In some cases, prices have dropped 30-40% while supply, time on the market, and motivations rise for today’s sellers. With 2 years of pricing resistance, today’s serious seller is pricing not on smoke & mirrors but on the latest closed & active sales data. The over-speculation of 2003-2005 has caused today’s sellers to be upside down. Others have 20% wiggle room to play and test the market.

Hallandale Beach, Sunny Isles Beach, Hollywood, and Fort Lauderdale have about 200 long-term condo listings, each with significantly reduced prices… “

 Luxury Real Estate Market

On the flip side, we find the luxury homes and condos in prime areas of South Beach have held much stronger than those in areas of less demand, such as Broward County. Records are and have been set even in a buyer’s market. In luxury buildings such as Il Villaggio, recent sales show appreciation while supply remains low. In 2007, a 1 bedroom at Il Villaggio closed at $1,049M (110 DOM). There is a lot of foreign wealth coming into Miami. Today’s buyers are taking advantage of the weak dollar, excess supply, and exceptional interest rates. Many foreign investors are from Russia, Europe, and Canada. For further information, contact Ashton Coleman or visit me at MiamiDreamRealty.

This post was inspired by Daily Business Review.

About Ashton Coleman

Ashton is a tech & social media savvy professional who understands the industry providing white-glove service with a wealth of experience, an impeccable reputation, and a keen ability to efficiently handle all facets of real estate. Ashton’s territory has grown significantly since 2002, marketing & selling extraordinary South Florida coastal real estate from Miami Beach to Lighthouse Point. A Certified Luxury Homes Marketing Specialist (Million Dollar Guild), with a multitude of other residential certifications, Ashton provides both exceptional service and unique selling techniques. His success is attributed to an unparalleled work ethic with years of experience including top-tier professional services where the ‘art of the deal’ is mastered in contract negotiations, deal-making intricacies and the end, results-driven real estate.

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