IS NOW A GOOD TIME TO BUY IN MIAMI?

Posted on: September 17, 2020

 
IS NOW A GOOD TIME TO BUY IN MIAMI ?
 
Have you been thinking about moving to Miami? Florida has seen an unprecedented number of US homeowners opting to move to the Miami area. A majority have been coming in from the North East including, New York, The Hamptons, New Jersey, Connecticut and the surrounding areas. Other states such as Chicago and Los Angeles have also seen an outbound migration to Florida.
 
Approximately 950 people move to Florida every day. Of those, 45% end up in South Florida. While it has always been favorable for people from high tax states to make Florida their homestead, recently enacted tax laws have created new incentives for many wealthy individuals to move their homes and businesses here. Billionaire Carl Icahn, recently relocated his offices to Sunny Isles beach. He is in good company with the many high net worth individuals who have moved their family and enterprises to Florida to take advantage of the $0 state tax laws and the favorable business climate.
 
With the advent of the Corona Virus, Florida has seen an influx of people wanting to leave packed city buildings and move their families to the open spaces of Miami to take advantage of the outdoors and enjoy the temperate weather. Since March of this year, sales of homes have been brisk, with listings not lasting for more than a few days on the market. The condo market has not been as robust, however, there are some outstanding deals in the condo sector.
 
According to the ISG Market and the ONE Sotheby's Realty Trends Reports, (Request a copy here ) , the forecast is quite bullish for 2021. They anticipate a shortage of new development inventory as there is almost no planned construction in the pipeline now.
 
As for current inventory, while certain areas and specific buildings always weather the storm, there is an abundance of inventory in Florida. There are deals not to be missed.
 
I have listed a few price drops worth noting in each market. I look forward to showing them to you personally.
Contact JOELLE OIKNINE to start searching for your home or condo.
 
Her team has 20 years of experience working with every type of residential luxury property in South Florida and delivers the guidance, expertise, and knowledge you deserve.
 
Lowered 15%
109 1st San Marino Dr
Miami Beach
Lowered 10% .
One Hotel #1407
MIami Beach
Lowered 15.8%
Ocean Tower II. #604
Key Biscayne
Lowered 3.45%
1400 Biscaya Dr.
Surfside, FL
Lowered 4.83%
Surf Club Four Seasons
Surfside, FL
Lowered 13%
ST Regis Bal Harbour
Bal Harbour, FL
This graph shows waterfront Inventory from $1M + in Miami Dade for both home and condos. Inventory has fallen from 70.6 months to 25.5 months since may 2020. This reflects the large numbers of sales in Miami due to Covid 19. Most of the sales have been for single family homes. Condo developers are offering incentives to buyers . Read below:
Miami condo developers offer incentives to buyers:
 
TRD MIAMI /
September 14, 2020 04:30 PM
 
Joelle has 18 years of experience in negotiating with condo developers. Most recent developer sale was at 1000 Museum by Zaha Hadid.
Call today to start your search with Joelle
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I have done 2 real estate transactions with Joelle over the last year. Joelle has proven to be a true professional. She knows the market and has a great intuition of what it will take to get a deal done. Joelle takes her job very personally and really cares for her clients. At this point I consider her a friend and would recommend her to anyone looking for a house or apartment in the Miami area. David R. Bal Harbour Village
JOELLE OIKNINE
SENIOR GLOBAL REAL ESTATE ADVISOR
 

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Joelle Oiknine has been recognized as one of the Top Ten producing agents at ONE Sotheby’s International Realty as well as being named to the Real Trends WSJ Top 100 agents in Miami on multiple occasions.