Posted on 04/18/2016 6:07:57 PM PDT by george76
The Miami real estate slowdown is becoming a meltdown — with the most expensive areas getting hit hardest.
The number of sales and prices in posh Miami Beach — home to many of the city's most expensive and highest-profile properties — fell during the first quarter, according to a new report. Meanwhile, inventory soared by roughly a third compared with the prior-year quarter.
The report, released Thursday by Douglas Elliman and Miller Samuel Real Estate Appraisers & Consultants, found the average sale price in Miami Beach and the nearby Barrier Islands fell 7.5 percent year over year to $905,252. The median sale price fell 6.6 percent year over year to $408,750.
The total number of sales in the area also fell during the period, dropping 21.1 percent to 810 properties. Inventory surged nearly 33 percent, and there is now a 21.5-month supply of properties. That pileup means homes are taking longer to sell, with the number of days on market nearly doubling from 53 to 97 days year over year.
(Excerpt) Read more at cnbc.com ...
With luck - the obama housing bubble will implode this summer
Legal pot probably wiped out a lot of those guys.
When should I buy?
It probably did but with legalized marijuana you get weed grown here, not Mexico and more of the profits stay here too.
When you see articles in the paper describing how renting is more expensive than buying
No more wealthy Venezuelans left to buy a hidey-hole condo in Miami.
That means fewer South Americans (mostly Venezuelans and Brazilians FLUSH WITH CASH) are coming and buying.
Way down by the sea was a city,
A spot that was bright and fair.
A city of palm trees and flowers,
A garden of beauty rare.
A haven of rest for the weary
Where cool breezes blow from the sea.
Where youth and old age smiles together
With hearts ever light and free.
And then on a night in September,
The bright lights shown everywhere.
Miami was crowned in her splendor,
And sweet music filled the air.
The breeze seemed to whisper a story,
The stars seemed to smile from the sky,
And no one would dream for a moment
That death would come riding by.
And then in the darkness of midnight,
Their laughter was turned to tears.
The wrath of the storm was upon them
That filled every heart with fear.
The wind was the voice of a demon
That howled as it raged through the sound.
And great ships were torn from their anchors
And broken upon the ground.
And then when the gray dawn came stealing,
The toll of the storm was known.
And sad were the cries of the injured,
The streets with the dead were strewn.
We cannot explain this disaster,
We know not what fate may befall,
And we must be ready each hour
To answer the Master’s call.
--Vernon Dalhart, 1927
....and so it begins!
Miami traffic is horrible, Fort Lauderdale and Boca Raton have just as nice places on the beach, without all the headaches of Miami Beach.
Miami is like LA without the earthquakes.
Yeah. The dominoes begin to fall, as 0 marginal interest rates begin to falter as a way of re-flating a dead economy
Or Miami is like LA with Hurricanes.
Great point. :)
House in my son’s neighborhood sold this week after being on market for only eleven days in Houston suburbs. We have been watching closely because it is identical to my son’s house except for a couple of inexpensive whistles and bells and the selling price will have a huge effect on his valuation for tax purposes in a couple of months. Listing cost was about $50,000 more than son paid for his house six years ago and likely sold for close to that. Taxes and property insurance will go up a bunch next year.
Oil industry price drops in Texas don’t seem to have much of an effect yet on housing prices in the suburbs.
Don’t leave out the Russians.
A large influx of Muslim invaders will fix that right up.
When prices are low and before they come back up.
Sign up for my newsletter now. miamicheaproperty@beachbum.biz
Miami is like LA without the mountains and low humidity
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