It was interesting and enlightening. The real estate take away from Ron was that, as realtors, we should be pushing to reduce asking prices. Currently our $1,000,000 + single family home market is carrying a 26 month supply and there has been an 11% decrease in sales. I have said this many times, but below 12 month’s inventory represents a seller’s market, 12-18 month’s supply is a balanced market and over 18 month’s supply is a buyer’s market. In spite of these numbers, I will say, we have experienced a lot of activity in the past few months. Priced well, good houses are selling. The foreign buyers, or lack thereof, really hit us last year. 2 years ago 32% of every buyer was from outside of the country, last year 25% were foreigners. The most dramatic example of this are the Argentinians who would be spending 24% more with their currency value compared to our dollar today versus a year ago.
The good news is the value of luxury we afford in Miami compared to other important cities in the world. A 120 sq meter (1,291 sq ft) condo in Monte Carlo, for example, is a staggering $45,000/sq meter ($4,349/sf), while Miami Beach is $8,180/sq meter ($760/sf). New York is $22,482/sq meter ($2,089/sf) and Downtown Miami is $5,113/sq meter ($475/sf). It makes Miami look like a deal, right?!
I am cautiously positive about 2017, as we have gotten off to a great start! Much different than last year!
My focused dedication as a realtor in my home town of Miami for over 25 years, consistently puts me at the top of my field. Whether you’re looking to buy or sell your home, let me help you from start to finish with my results-proven: professional marketing, excellent property exposure and comprehensive experience.
Consistently in the top 10 company-wide at EWM for the past 15 years, my focus is on Coral Gables, Coconut Grove, Pinecrest and South Miami — specializing in luxury real estate and waterfront properties. Call me today and let’s get started!
Don’t hesitate to reach out to me, Ashley Cusack at {305.798.8685, email and website}. EWM Realtors.
