Miami's Condo Market is Plummeting

[Marc Middleton]

Originally Posted by elchevere

Throw in additional background checks now on all cash buys and the anti immigrant rhetoric from Trump (which would effect Miami more than a Cleveland or Atlanta) and how can prices not be effected, even if only for a year or two??

I think you are referring to the extra regulation from FINCEN? If so, its only for cash buyers of $1ML or more.

I'm sure the current administration will get rid of that this year. It was only supposed to be temporary anyways.

[elchevere]

another article expressing that 2017 remains a buyer's market...perhaps "plummeting", as used in the earlier article I linked, is a bit of a distortion but as a buyer I would rather have an 8% correction than 8% increase.

Prices of Miami Beachfront Condos Predicted to Slip 8% - Mansion Global

[Marc Middleton]

Originally Posted by elchevere

another article expressing that 2017 remains a buyer's market...perhaps "plummeting", as used in the earlier article I linked, is a bit of a distortion but as a buyer I would rather have an 8% correction than 8% increase.

Prices of Miami Beachfront Condos Predicted to Slip 8% - Mansion Global

I agree, an 8% drop in prices for a waterfront condo would be a sweet deal for most.

I love how the article is about Miami Beach and uses a picture of Brickell.

I wonder how, if any, the edgewater water-front condos will be affected since there isn't as much overbuilding. Obviously Paraiso Bay 1/2/3 and Biscayne Beach will affect the market once they are opened, but I wonder what will happen to values at Onyx, Star Lofts, etc. that have amazing bay views but are 'limited' service buildings...

[elchevere]

I have seen some beautiful units online at Paramount Bay. Very nice building and I like the adjacent park but am afraid its location would make one too car dependent...Biscayne Beach looks very nice and would be a tad closer to Midtown and border on being a walkable property/location--Michael Schwartz still going into that building??..not sure what the 2BR direct bay units are going for (saw a 1BR, presumably for resale, in the mid 5's)....instead of building Miami's tallest condo in another year or so, Miami should have taken the parking lot next to Jade Brickell and made that a park as they did by Paramount Bay.

[AnnRyan]

Originally Posted by elchevere

I have seen some beautiful units online at Paramount Bay. Very nice building and I like the adjacent park but am afraid its location would make one too car dependent...Biscayne Beach looks very nice and would be a tad closer to Midtown and border on being a walkable property/location--Michael Schwartz still going into that building??..not sure what the 2BR direct bay units are going for (saw a 1BR, presumably for resale, in the mid 5's)....instead of building Miami's tallest condo in another year or so, Miami should have taken the parking lot next to Jade Brickell and made that a park as they did by Paramount Bay.

Looks like there is nothing for sale in the MLS right now for Biscayne Beach. I did find the original price list, they started between $476-970K.

[blueherons]

Originally Posted by ElGuito

Although not to the scale of the global mortgage crisis of 2008, are ya'll saying that in the next year or so, we're going to see foreclosures, people walking away and the banks with many abandoned condo property?

When Miami starting rebuilding, purchasers were required to put up much more cash, closer to 50% down so I don't see a lot of people walking away from that.