South Florida condo industry poised to benefit from stock market volatility this summer
The condo/townhouse market in South Florida had similar data with sales down 7.7% and prices up about 7%. Sales dropped overall in Florida, yet Orlando, Tampa and Jacksonville markets all saw increases in sales. More inventory is the likely reason. In a report published in bizjournals.com, Florida Realtors Chief Economist Brad O’Connor.
The Miami Malaise. That isn’t much of a dent in the inventory of 15,067 condos, almost entirely made of older stock, that are currently for sale. There is already some 14 months of supply in the Miami market, a 20.4% increase in just one year. To that supply, you have to add the wave of new construction coming on-line.
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With regard to condo delivery, the report notes that the greater downtown Miami area saw the largest volume of delivery (2,202 units delivered in 2016) since 2008, although it was also noted that this figure is mostly in line with the expected 11-year and 15-year cycle of absorption.
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Many South Florida real estate experts are expecting a strong market with lots of construction in 2018, with the possible exception of new condo projects The South florida business journal held.
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THE south florida condo– minium market has attracted much atten- tion from real estate investors across the world in the past three years. Prices have risen more than 112 percent since 2000, new construction and conversions have soared, and the media has highlighted the easy money to be made by the "day trad- er" in condos.
The excerpt above represents a very broad view of the South Florida market as a whole, but nevertheless, it is certainly an accurate outlook. For the purpose of being concise while still providing you with a few particulars, we will consider the first quarter report for 2017, specifically the information regarding pre-construction condominium.
Though the concept of the summer doldrums isn’t nearly as popular these days as it once was-we now live in an always-on, interconnected world where people are able to access markets from the furthest reaches of the planet or while they are using the restroom-it still plays an important psychological role in the stock market depending on who you ask.
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