The Miami Herald posted an article that Broward’s housing market is close to bottoming out, even though prices in both Broward and Miami-Dade counties continue to slide. The article was correct in predicting that Broward will rebound faster mainly because:
1) Miami’s inventory was higher than Broward’s to begin with. Last year at this time, Broward’s single family home inventory was 28 months and is currently 13. Miami-Dade had a 42 month supply last year and a 17 month supply now. Condos in Broward were at 31 months and are now at 17 month. Dade condos were at a 53 month supply and there is currently a 27 month supply. These supplies are only based on MLS numbers. There are many more units being held by developers that aren’t listed on the MLS
2) Miami still has a lot of projects that are just now coming on line, especially in the condo market, which is already saturated.
3) Miami built more in outlying areas, especially in the southern part of the county and along the Biscayne corridor.
predicting that the housing market is at or close to bottom, the commercial sector is just starting to see massive defaults. A skyscraper in New York that was purchased for approximately $50o million in 2006 just sold for $100,000! The commercial real estate market is the worst in decades and there are billions worth of distressed properties in every market. This creates an amazing opportunity for long term real estate investors.
Could it be? While it is too early to say for sure, there are definitely signs that real estate market in Miami-Dade County may be turning. As I have said before, this recovery is going to be location and building specific, meaning some are going to recover faster and with less overall price decreases than others.
Before President Obama signed the housing law last week, renters were often found being thrown out of a home when their landlord was foreclosed on. Since Miami is almost ground zero for foreclosures, renters need to be cautious when renting in Miami and inform themselves of the protections that are buried in the new housing law.
Governor Charlie Crist signed a bill into law today that will give rebates on energy-efficient appliances. The details are still to be worked out, but according to the Governor’s office consumers could save an average of up to
ay, boater’s are bound to find plenty to do. Be warned, Biscayne Bay has many flats that can pop up literally out of the blue, so read your charts to avoid running aground and damaging our fragile sea grass. Here is a partial list of both public and private marinas in Miami-Dade County.