Miami/miami beach real estate outlook for 2009
Since we are approaching the end of the year, a hot topic in the national and local media has been; what will happen to real estate prices in 2009? I have heard many different points of views most of them very valid and very reasonable from both sides of the issue. In this blog I get to give you my two cents of where I predict things are heading.Let me start by saying that I am an expert in the Miami/Miami Beach real estate market and have just basic knowledge of what is happening in other markets, my opinions are limited to what I see day to day in the Miami markets. In the last 3 months sale volume has increased in our office as well as in the area due to the fact that people are starting to believe that property is again priced competitively and in the long term they would benefit from investing today in the market. Also the rental markets in some areas are strong. The key word here is "area". The market even within Miami/Miami Beach varies from neighborhood to neighborhood and even building to building. There are buildings and areas that might better suit what you are trying to accomplish with your purchase of real estate. Some buildings might be great to buy a unit and rent out, another buildings might be better to use as a second home. A realtor (like myself) should be able to guide you throught this, and suggest different buildings that meet your goals.
I believe prices in Miami will be stable in 2009 and we will see a reduction in inventory in most buildings. I believe that 2009 is the year to buy real estate. I the sooner the better as long as you negotiate a discount with either the bank or developer. I heard Jim Cramer say the other day about investing in general; You can't wait for the turn in the market, because you will be too late". I think he is right I think 2009 is the year to identify a nice property negotiate a great deal and buy it! You will be glad you did in 4-6 years time.
If you have any questions about buying or selling property in Miami/Miami Beach please contact Christian Kawas at 561 702 2969