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Fort Lauderdale area Broward County
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Old 01-28-2017, 09:30 AM
 
Location: Miami, FL
79 posts, read 111,345 times
Reputation: 118

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I know that Miami is experiencing a glut in luxury condos especially, and I have a real estate license and though I only buy and sell for myself and friends and family, I was noticing that many of the condos up in Broward seem to be sitting on the market longer than last year, and this is despite price reductions in many cases. While I am not calling this a crash, I find when I ask full time realtors they tend to only get sanguine responses, I was wondering if anyone else has noticed this pattern.
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Old 01-28-2017, 12:14 PM
 
Location: Florida & Cebu, Philippines
2,805 posts, read 3,241,163 times
Reputation: 2910
You probably have a better feel for the market than I might, yet I can only judge by the buildings that I am familiar with and keep an eye on for deals, some on or off Las Olas, 17th street causeway and some out west and from those I see, as well as the building our condo is in, the market is still strong. In our building units get listed and if for the correct price, then they are sold within days, weeks or months at most, one owned by a friend was just sold within days or it being listed right at what two others sold for within the last two months, so location, location, location and then proper pricing...
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Old 01-29-2017, 09:57 AM
 
Location: South Florida
196 posts, read 158,373 times
Reputation: 294
Higher priced items take longer to sell, due to the market for such luxuries being smaller than for "middle class" equivalents.
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Old 01-29-2017, 10:04 AM
 
Location: Planet Earth Milky Way
1,424 posts, read 1,265,705 times
Reputation: 2786
Quote:
Originally Posted by paul1981 View Post
I know that Miami is experiencing a glut in luxury condos especially, and I have a real estate license and though I only buy and sell for myself and friends and family, I was noticing that many of the condos up in Broward seem to be sitting on the market longer than last year, and this is despite price reductions in many cases. While I am not calling this a crash, I find when I ask full time realtors they tend to only get sanguine responses, I was wondering if anyone else has noticed this pattern.
Yep, Miami is taking a beating...

Miami Preconstruction Condo Market Is Plummeting, According to New Study From StatFunding | Miami New Times
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Old 01-29-2017, 01:37 PM
 
3,910 posts, read 9,441,036 times
Reputation: 1954
The market is still strong, but not as strong. It appears to have slowed over the past year compared to 2015. From 2009-2015, we had a strong buyer's market. Now the market appears to be hitting equilibrium which is a good thing.

The problem in South FL, like many other areas of the country, is that only luxury condos and upper end homes were built post-crash. There is a shortage of new construction of middle class or working class homes. So prices for existing middle class homes are inflated due to a demand shortage.

There is also the problem of fewer qualified borrowers. Few people these days have enough cash for a 25% down payment on a 300k home, and they are not handing out loans like candy anymore since the crash. As average home prices continue to rise, this puts a home further out of reach for many people.
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Old 01-30-2017, 01:25 PM
 
Location: Sunrise, FL
64 posts, read 69,428 times
Reputation: 20
I've noticed the upper price ranges have been slowing. We have a few listings in the $600-900k range that are just not getting much attention versus a 3/2 townhouse in Tamarac listed on Friday and we have multiple offers over list price.
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Old 01-30-2017, 07:40 PM
 
Location: South Florida
196 posts, read 158,373 times
Reputation: 294
It's just a common trend in any sort of consumer market. Hyundais will always sell much faster than Bentleys, because the market for Hyundai price range cars is eons larger than the market for automobiles that cost hundreds of thousands of dollars. Same with real estate, etc....
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