Miami Beach Real Estate Market Recovery?

Are we experiencing the Miami Beach real estate market recovery?

Everyone wants to know, and no one has a clear answer. Lawrence Yun, the chief economist for the National Association of Realtors (NAR), expects a soft first half of 2008 with notable improvement in the second half of this year.

So when is our Miami Beach Real Estate Market going to recover?

Evening Sunset in North Bay Village

Then the U.S. Treasury Secretary Henry M. Paulson Jr. notes in a recent speech that most forecasters expect a prolonged housing adjustment period. These two opinions from respected economists illustrate the differences of opinion when some tell us the recovery and rebound are right around the corner. In contrast, others say years just to get started again.

Real Estate Market Predictions

“Experts” love to make predictions on the US housing markets and when home prices stabilize & recover, but even top forecasters and analysts disagree. The United States housing market is so large to encompass various trends in different locations and timelines. What is noted in this Miami Beach real estate blog is different markets behave in different ways even when these expert forecasters’ predictions do become a reality. The disconnection of broad forecasts and small-scale “local markets” present a troublesome analysis for buyers and sellers attempting to decipher what they read & hear in our trusted media sources. When major financial decisions are required, decisions must be made on facts instead of fiction. At the end of the day, you must make your own best judgment for yourself and your family.

Local data from an area Expert

The media uses puffery to make headlines as negativity sells, and people feed off the media. What percentage of media news is positive? Negativity sells for the most part. European countries are, in some cases, now required to report 50 percent positive news! Let me not get off the subject at hand: local real estate market conditions in Miami Beach. Local data is much more meaningful when accurate and current. Combine local data with information on national trends to make your own conclusions. Investors use the most precise data to realize market trends and values. They acquire data and make sound decisions based on careful analysis. A little bold luck is always helpful, and I’m happy to hear when sellers tell me they sold their Miami home or condo 4Q 2005 just before the correction.

Check these organizations for housing data:

Supply of for-sale homes		Foreclosure rates
•	National, state and local Realtor associations	•	Federal Reserve Bank of New York
Median home prices		Residential construction starts
•	National, state and local Realtor associations	•	U.S. Census Bureau
Volume of homes sold		Residential building permits
•	National, state and local Realtor associations	•	U.S. Census Bureau
Employment and unemployment rates		Homeownership and housing vacancy rates
•	U.S. Bureau of Labor Statistics	•	U.S. Census Bureau

Miami Beach Real Estate Market Recovery

As for our local market, Miami and the Beaches began the downslide 4th Quarter of 2005! This was 3 years ago… were we not the first metropolitan area to begin the nationwide housing correction? Were we not only the first metro area to drop run from, but could we potentially be a major metro area that sees the market recovering the fastest next? Time will tell as oceanfront trends show bottom curves rising as inventory slowly shrinks along Miami Beach, Bal Harbour, and Sunny Isles Beach real estate. Pending sales are also showing good progress each quarter.

Oh, btw, if you haven’t subscribed to this blog yet, do it now! If you’d like new blog updates, you can be notified by email or RSS feed every time a new posting occurs. Contact me today or toll-free at 1.888.38.DREAM