Miami Condo CRISIS..... WHY?

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Miami Condo CRISIS..... WHY?

Рет қаралды 6,882

Күн бұрын

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!
#miami #miamiflorida #florida #miamirealestate #fyp
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Пікірлер: 40

@LWT633 3 ай бұрын

What’s holding up the prices is the hype around miami at the moment .

@BryanGorrita 3 ай бұрын

Correct

@RobFex 3 ай бұрын

Yes but also = ultra high end luxury market bit slowing down. Mega millionaires moving here buying high prices condos... Terrible

@HedgeFundCIO 3 ай бұрын

Not totally. It’s a lack of inventory due to pandemic effects. Give it one more year, we’re lagging the rest of Florida. Me = RE investor.

@Ja-3108 3 ай бұрын

what do you think of the new condo developments such as bentley, pagani, and mercedes ? will these appreciate in the future or do you see these luxury brand condos failing?

@BryanGorrita 3 ай бұрын

Depends if the influx of wealth international and domestic buyers continue to come to Miami. Short term they might be affected but those buildings are catering to the ultra high net worth so I suspect the negative impact to be less than the older buildings. The increase of inventory is something we need to look closely. Long term I’m bullish on Miami but short term I see volatility.

@BlokFinance 3 ай бұрын

Keep letting us know when things really get bad. Im just waiting patiently until everyone is fearful

@BryanGorrita 3 ай бұрын

That time is coming. Very soon

@craftsmanctfl3493 8 сағат бұрын

@@BlokFinance Lower prices are already here in most condos affected by the new condo engineering/reserves laws (those 3 or more stories and near the ocean), but the issue is that if you get a good price, you’ll likely be paying hefty HOA fees and assessments. It’s a trade off that doesn’t necessarily make a good deal.

@Chuck-qi8pw 2 ай бұрын

The free markets are adjusting to supply and demand pressures. Eventually it all will work itself out. Yes, some people will be hurt financially. As supply exceeds demand, the competition will drive prices down. How much, the free market will decide that. My take, it will take 1-3 years to work out. Buildings that are very old,will be torn down especially where land value exceeds building value. If buyout is reasonable, get the h… out and relocate. Move forward, cut your loses. Don’t waste time fighting it. In the long run, it will be good for the area to have newer safer buildings. Will it piss some people off ? YES! Just my opinion.

@nicolafazio674 2 ай бұрын

Our fees went up big time but mainly due to labour supply costs etc. We’re fully funded thank God.

@jonathanstafford3383 3 ай бұрын

Statistics are misleading unless you get really specific… facts are listing for condos 30+ years old have sky rocketed since surfside. because these associations don’t have cash reserves in place. While condos less than 30 years old and new developments prices are just going to rise as supply is limited

@BryanGorrita 3 ай бұрын

Most developers right now are building luxury in Miami for sale and short term rental friendly units for investment. The rest of the housing supply are rental communities

@viadharmawheel 3 ай бұрын

@@BryanGorrita This is why average price is up, new luxury. Existing condos, especially the older ones are going to nosedive in price - 50% for older condos could happen.

@user-pp3dl8id7r 3 ай бұрын

Excellent content

@BryanGorrita 3 ай бұрын

Thank you!

@craftsmanctfl3493 2 ай бұрын

Goldman Sachs is expanding their footprint in Palm Beach County, not Miami.

@cryptojuan5897 Ай бұрын

I would not buy a condo. I have no control

@MEOWMIX305 3 ай бұрын

Pretty sure nothing going to collapse.......

@profitcs8506 3 ай бұрын

High prices are here to stay. Unfortunately.

@Omegafoxx77 3 ай бұрын

I have seen some prices start to drop in my area. Aptm that were once $2500 are are now being listed $1900. So something is going on.

@BryanGorrita 3 ай бұрын

It’s happening as we speak. It just takes time for everyone to feel it and for the data to show it

@profitcs8506 3 ай бұрын

@BryanGorrita I hope your right. What's going to happen once interest rates go down? Prices will pump back up. Not enough sellers either. Like I said, I hope your right.

@BryanGorrita 3 ай бұрын

@@profitcs8506 just my opinion I don’t think rates will drop unless the economy nose dives or it gets political this year. But hey anything can happen just have your popcorn and keep your eyes peeled!

@craftsmanctfl3493 2 ай бұрын

@@BryanGorrita Prices may come down, but high HOA fees are not going to come down. They can only go up.