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In this video, we explore the potential collapse of the condominium market in Miami, Florida. We analyze the significant changes from March 2023 to March 2024, noting a 22.5% drop in closed sales and a sharp increase in inventory, which signals a shift towards a buyer's market. Despite these challenges, the median sales price of condos has risen to $445,000. We discuss factors sustaining prices, such as the influence of cash buyers and the impact of new insurance regulations and association fees on market dynamics. Stay tuned for insights into the future of Miami's condo market!
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