The economy of South Florida partially relies on escalating real estate market. However, decreased rents could potentially make Miami much reasonable and affordable for the residents living in downtown. The city is considered as one of the few reasonable places in the country.
A new report states that for the first time in nearly 5 years, resale prices for condos in downtown have fallen. Prices declining to a staggering 4% to $438 per square foot through the first half of 2016. However, listings have gone up from 1900 in May 2014 to 3000 in May 2016 but monthly sales fell by 43% at the same time.
We’ve seen that nearly 7,500 condos were under construction in the second quarter of 2016 and almost 1,550 being advertised for sale. The decrease in condo units will keep the prices down, for now. Experts believe that we stand in an economic cycle where dynamics will slow down and will result in some people winning and some losing. Prices are stabilizing and there is no erratic change to be seen in the near future. Slow and steady growth is good as it results in a favorable bargain for everybody.
Since banks are becoming more and more cautious day by day, obtaining financial resources for construction has become much difficult. With prices going down, it’s safe to say one should start investing in condos. If you require a mortgage, feel free to consult us for your mortgage concerns, we are available around the clock for you! We’ve got professionals who will be more than happy to advise you regarding your mortgage needs and recommend you the best budget that fits your needs. You can contact us at 877-509-3160.