Your predictions for 2011 about the real estate market in Miami (Edgewater: balloon payment, sales)

[vendta]

The media carry lots of articles about real estate in Miami in 2011.

I would like to read predictions from people who actually live in Miami
& know the market first hand.

About condos,SFH & vacant lots in various areas of Miami...

[Hialeah_Rules]

same crap as 2009 and 2010. Prices will continue to decline. More foreclosed homes. The cheerleaders(realtors & their media friends) will be shaking their pom-poms, telling us prices are gonna go up in a few months... bla, bla, bla

10-12% median sales price drop for 2011

[Wild Style]

Prices will continue to fall across the board regardless of area. As we are seeing, foreclosures have been up amongst the wealthier sections. This is because of the ballooning Jumbo Loans (they are maturing now which means their payments are increasing and in some cases doubling or tripling.). I am not going to say by how much of a decrease but they will continue to fall for sure. I think its safe to say this will continue until 2014 give or take.

[Coconut1]

You really don't see many balloon payments in residential mortgages... I've never seen one, actually.

Across the board I think we'll see stagnation, but looking at different types of properties, I think we'll see the following:

CBD condos will continue to fill, probably at a more rapid pace. Prices will probably drop slightly.

Low end homes in the poorer areas will be hit hardest out of all properties. They'll mostly likely experience the largest drop.

Middle class homes will rise slightly, while middle upper class homes will remain relatively flat (perhaps rising slightly, not dropping, though)

Luxury properties will remain flat as well.

Next year (2012) will be better, but this year (2011) will be the beginning of the market turning for the better in South Florida.

[Wonderful Jellal]

Economists predict a good rebound in 2011 and a new boom in 2012, be optimistic for the future

[SFLrunner]

CoreLogic: Nearly half of Fla. homes underwater | South Florida Business Journal

The decline is not done yet.....

[SFLrunner]

CoreLogic: Nearly half of Fla. homes underwater | South Florida Business Journal

The decline is not done yet.....

[boxus]

Going down, that is why I will not drop a dime until prices come down to reasonable levels. They are still way too high here considering all factors involved.

[Michael Di Meo]

I predict RE prices in some areas of Miami will rise, and in other areas they will continue to fall.

Rents overall have been rising quite a bit, but I find it hard to believe that they will continue to rise due to the nature of the Miami job market.

The place I used to live at Omni/Edgewater had quite a few people renting who had gaven the keys back on their soon-to-be forclosed properties as well as former prospective buyers who can no longer afford the downpayment to buy. Maybe these are 2 reasons why rents have increased so much.

[Wild Style]

Originally Posted by Wynwood

I predict RE prices in some areas of Miami will rise, and in other areas they will continue to fall.

Rents overall have been rising quite a bit, but I find it hard to believe that they will continue to rise due to the nature of the Miami job market.

The place I used to live at Omni/Edgewater had quite a few people renting who had gaven the keys back on their soon-to-be forclosed properties as well as former prospective buyers who can no longer afford the downpayment to buy. Maybe these are 2 reasons why rents have increased so much.

Where have you seen rents rise? i have seen them go down across the board (year over year). Heck they even dropped the rate in the place I am currently at.