MAy 31st, 2010
How to Overpay for a Miami Condo
Actually, people from outside the Miami area, both foreign nationals from Canada, Brazil, Argentina, Venezuela and Mexico and buyers from the Northeast; New York, New Jersey, Connecticut and Massachusetts have been buying in Miami at a very rapid pace. How many have paid “too much for a Miami condo?”
Often a buyer will choose to deal directly with a developer’s sales team knowing that the developer is intending to pay a real estate commission to a buyer’s representative. The buyer will think that they can negotiate this commission out of the offered sales price…and often they can!!! But is the starting sales price inflated? Is it too high to begin with?
How can an unrepresented buyer know what the developer has been willing to accept for their units? Often they will tell a foreign buyer or an unrepresented one that there is no negotiating…these are the “Banks Price!!” NON NEGOTIABLE!!
This is a recipe for a buyer to pay ten to twenty percent more than necessary for a Miami condo unit.
The Miami Condo Lifestyle Team powered by Vandenburg Properties provides complete sales data on all “Closed Sales” to our buyers prior to helping them decide what a reasonable offer should be…we actually save our buyers money because we make the information hidden in the Miami-Dade county Clerk of the Courts records visible.
In new construction Miami condominiums, the Clerk of the Court records the sales and shows how much document stamp fees were charged. Often the property appraiser takes months to update Miami-Dade.gov; so unless one can search deeply in the county records, the most recent sales data is opaque.
Don’t overpay for a Miami condo…. make sure you are represented by a Realtor who can provide you with the latest sales data.
Visit www.MiamiCondoLifestyle.com for a free market analysis of your property.
The quarterly average price per square foot which dropped dramatically from 2008 to 2009 has bottomed in the second quarter of 2009 at $250.00 per square foot. Since that time through April of 2010, the average price per square foot has increased 12.5% to $282.00 per square foot. Many of the properties that have sold have been foreclosures that were taken back by banks and repriced at the market.
The affordability of housing has increased dramatically and this has become good news for investors and first time buyers alike!
Please note that the the sales of condos in 2nd quarter 20109 have increased 36% over the 2nd quarter 2009. 4th qtr 2009 averaging 592 sales per month versus 2nd qtr 2009 at 445.
As the US dollar continues to strengthen versus other currencies, we believe that our international clients will accelerate their purchasing here. We are already seeing an increase in inquiries from Europe and South America in the last few months. Now is the right time to purchase while the dollar is still relatively cheap.
All data is based on Closed Sales data from the Southeast Florida Multiple Listing Service. Statistics do not include transactions that take place outside the MLS.
To view over 88,500 available listings for sale or rent, please visit www.MiamiCondoLifestyle.com or call us at 305-321-7043.