Opportunities are abundant on South Florida’s luxury condo inventory. Months of Inventory, considered as the absorption rate for residential properties, is a market determinant showing how long it will take for inventory to be sold based on total active listings divided into the number of sales from a given monthly period ie.) 30-day sales/total inventory or the yearly total/12 months/total inventory. A buyer’s market is considered as having 6 or more months of inventory so to say this is a strong buyers market with an abundance of opportunity is an understatement.
A recent article in Miami New Times mentions a CraneSpotters study with Miami having a FOUR-year backlog with other coastal locations having even more.
“Zalewski’s CraneSpotters reported at the end of February that it will take 49 months (just over four years) to sell all the luxury condos developers have built across town. As of February 27, there were 2,767 luxury-grade condos up for sale across the county — despite the fact that ultrawealthy buyers bought only 684 of those units (57 per month) in 2017.”
I respect and admire Peter Z’s research and real estate articles quoting him often. I’ve had the pleasure to go on several of his Miami bus tours showcasing new developments across Dade County. His other brokerage venture, Condo Vultures, did an exceptional job at exposing the ugly truth around Miami’s bloodbath from 2007 to 2010 while his skills in journalism add sensationalism to the story.
What’s important to note is that in 2017, Peter with several partners teamed up and formed Brickell Ventures which focuses on residential condominium acquisition in Miami-Dade County, Florida, with a greater focus on Downtown Miami. This ability for sensationalism is what was finely crafted and accomplished in the Miami New Times article. The South Florida condo opportunities are abundant and of all the amazing people in South Florida, Peter Z knows awesome real estate values when he sees it. In my opinion, the 2017-2019 market values have presented a unique opportunity for their investment group and an opportune time to buy low and to “buy right.” With this current market cycle, Brickell Ventures is now in the leader’s seat with the team in place having ample funds on this power play, unlike the last cycle with great hindsight from missed opportunities.
I’ve narrowed the absorption rates aka months of inventory below by premier coastal locations during the last 9 years while including only high-end condo inventory above $1M. Compare the inventory fluctuations during the recessionary period from 2007 to 2010 and forward to 2017. While absorption rates are important to help gauge local market trends, I lean on the price per square foot values and trends as a better determinant of residential market values.
Click on these South Florida coastal locations for super deals & the largest discounts found today. 👇
Brickell & Downtown Miami (33131 & 33132)
South Beach (33139)
Fisher Island & Key Biscayne (33109 & 33149)
Miami Mid-Beach, North Beach & North Bay Village (33140 & 33141)
Surfside & Bal Harbour (33154)
Sunny Isles Beach (33160)
Aventura (33180)
Edgewater, Design District, Midtown, & Wynwood (33127 & 33127)
Fort Lauderdale Beach (33304)
Luxury Condos, Unique Penthouses, & Waterfront Homes
Whether you’re seeking the best new construction, a super Miami Beach penthouse, a sensational waterfront estate, off-market & investment opportunities, vacant land for development, bulk condo sales, or relocation assistance for your family & team, I’ll have it customized and ready for you – let me assist you here in South Florida!
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I’m connected with the world’s best luxury real estate brand and a vast global network of friends & colleagues who offer a bespoke experience wherever you are in the world. Locally, I offer the very best in real estate knowledge and client services as a master broker-associate with the leading firm, ONE Sotheby’s International Realty. Why Sotheby’s? Because of the brand heritage, prestige, their propensity for perfection, and quite simply, the immense global reach in curating luxury goods and real estate. Since 2002, I’ve been active in the South Florida residential market with knowledge, experience, and white-glove service that rarely disappoints.
The Miami Beach Real Estate Blog is an excellent resource for Southeast Florida residential real estate data, trends, and property information. I’ll soon be researching South Florida’s population influx along with pre-construction profits vs. loss so check back soon to find out about South Florida’s anticipated growth and how preconstruction buyers are doing with their intent to flip their ‘investments’ for a profit.🤔
My other sites include…
- MiamiDreamRealty.com
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- Coleman.Properties
- ONE Sotheby’s International Realty & Ashton Coleman
- Jade Beach, Jade Ocean & Jade Signature Condos
- What’s My Home Worth Today?
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- Marketing Your Luxury Property
- ONE Sotheby’s International Realty | Marketing Affiliates
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- TRENDS (2018) Report
- Sotheby’s International Realty History/Overview
- Sotheby’s – An Overview and the Auction House
- ONE Sotheby’s International Realty History/Overview
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