2018 was a year of mixed real estate signals in the greater Miami real estate market. 2019 is not expected to be any different. The global markets have a substantial level of volatility ahead. Many experts believe there will be a recession in the next 1-2 years. The strength of not only the American economy but foreigns markets will have an impact on the Miami real estate market.
Following are 3 trends we anticipate for 2019:
- Deals, Deals, Deals! Currently there are substantial 6-7 figure discounts on new construction condos from the original purchase price. This is most prevalent in areas like Edgewater, Sunny Isles, and other neighborhood pockets.
- Stagnant Suburbia – Prices in communities surrounding Miami Beach and downtown for single-family homes will likely stay flat or deviate slightly. The increase in interest rates and other factors will likely prevent a significant increase in prices.
- Trophy Properties – Only the best single-family homes and condos in prime locations will continue to command large price tags. It is unlikely any of these sales will be at record setting valuations.
For more information on the real estate market in Miami and surrounding areas, please feel free to contact me!