Miami real estate is among the top topics for many and the Ten Year Real Estate Challenge is our condo overview of performance and what a decade in real estate has done for our local market.
Rewind to 2009 and with inadequate technology, jaded consumers & the multitude of speculators were gauging Miami’s new development “health” by the number of lights on at night. Bold buyers who sought what they believed to be an excellent value in the Miami condo market did extraordinarily well within the 5 years following. After several years of recessionary doom and gloom, the market activity began to pick up with the boom years of a seller’s market noted from 2010 until 2015.
I became concerned in late 2015 watching market trends as a new spike of condo inventory and the looming pre-construction cycle moved full steam ahead. What was a year or so too early to be felt, became well-known in 2017 when inventory was abundant, many developments were released, and pricing began dropping across Miami-Dade County causing a flurry of pessimism and a strong buyer’s market as we’re still in today.
Now with this new decade beginning, and with the massive population influx from the tax migration “Exodus”, Miami has great optimism ahead with all eyes on our local markets. The development cycle is at the tail end and with amazing Miami condo developments perfect for a primary residence now noted on the open market. Today we find speculator resales competing with developers while both the old and the new inventory are increasingly absorbed.
All things relative and if somewhat paralleled to 2009, this new year into 2022 will be noted as the most exceptional years for Miami condo values at their lowest point in a decade. When we see 20 to 40% of new developments listed as resales, the leverage is great and the buyer’s moves must be well-calculated. The bold buyers of 2009 were gleaming with profit by 2012 and several years following. All things consistent, I feel the same momentum moving forward today.
Here are the charts as we look back 15 years specifically at Miami Dade coastal waterfront condos priced $1,000,000 and up. Contact me for Q4 Stats & on to see the continuation of these Miami condo market trends into 2020!
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