June 24, 2016
Condominium and single-family home sales in Miami-Dade County continued their downward slide in May. Single-family home sales decreased by 7.2 percent year-over-year, while condo sales fell 13.3 percent. The reasons for the slowdown remain the same. Many luxury condominiums entered the market at around the same time major South American markets began experiencing volatility. New construction projects continue to enter the market, and some buyers continue to wait and see what else may be entering the market in the near future.
June 17, 2016
Mortgage rates dropped to the lowest level since May 2013 amid concerns about the global economy and the Federal Reserve's recent decision to keep interest rates from rising. A 15-year mortgage fell to 2.81 percent, and a 30-year fixed-rate mortgage dropped to 3.54 percent. The all-time low for 30-year mortgages was 3.31 percent in November 2012.
June 10, 2016
There has been plenty written recently about the real estate market cool down in Miami. While this is not usually something completely welcome to read about, the situation in Miami is a lot more nuanced than other major luxury markets in the United States, and experts believe the situation is not nearly as ominous as the media occasionally reports. In fact, the current conditions make this a perfect time to purchase Miami real estate.
June 3, 2016
Home price growth in South Florida is continuing to cool off. While prices in Broward, Miami-Dade and Palm Beach counties rose 6.2 percent year-over-year, they only rose 1.1 percent between February and March of this year. This is yet another sign the South Florida real estate market is taking a break from the boom of the past 3 years, which often saw double-digit price growth.
June 1, 2016
In recent international news covering the Panama Papers, the Miami real estate market has been portrayed as being largely dominated by luxury condominiums owned by foreign buyers living elsewhere. However, during this real estate cycle, developers have catered to actual residents, or "end users", who will spend much of their time in South Florida.
May 20, 2016
This year has proven to be an atypical year in South Florida real estate so far. The luxury market has been hit the hardest, and sales have declined drastically. In certain areas of the market, condo sales are down 20 to 50 percent from the same time last year. The good news is that this uncharacteristic slowdown makes now an ideal time to buy real estate.
May 13, 2016
According to a new report, Miami was the 7th top luxury real estate market in the world in 2015. In 2014, Miami finished in 9th place, and in 2013, Miami took the 8th place spot. London was number 1 in 2015, while Miami ranked ahead of important global cities like San Francisco, Paris and Toronto.
April 25, 2016
Recent Miami market reports have shown a slight downturn in the luxury real estate market, but local experts are convinced that this does not mean another housing crisis is on the way. There are several key factors that separate the current housing market from the last real estate bust.
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