Is 2024 the Year to Sell Your Miami Property?

The State of Your Market

How is the market doing? I have 150 different answers to your question. There are 15 different neighborhoods, two different products (condos and homes), and 5 different price points. This is why we don’t rely on generalized market reports. Miami does not work as one homogenous market. With such diversity, you need to look at a micro-level to give a correct answer. In 2023 some markets are peaking out, while others still have room to grow. Understand your market by looking at the months of inventory, absorption rates, and the dollar per SF comparables that are specific to your property.

Who Should Be Cautious?

Markets that will likely see corrections in 2023 are those that are currently experiencing an increase in inventory beyond 9-12 months, combined with record prices. The condo markets around Sunny Isles, Brickell, and some parts of Miami Beach are most at risk in certain price points. In Brickell, for example, rental prices are dropping. If rental prices are increasing, the value of the underlying asset increases Once the rental market drops, the underlying asset’s value will decrease. This is what we are experiencing right now as some markets are experiencing unsustainable rental values. As always this is price and building-specific. If you want to know more, give me a call today!

Accurate Miami market predictions

As Miami market analysts we have accurately predicted the market before. If you combine market statistics with sellers’ and buyer’s psychology (which we do in our market reports) you can start to see market patterns more accurately. Our observations and reports are not born out of pure academic analysis, this is a real word experience. I listen to the opinions, hopes, and concerns of 100’s of buyers and sellers that help us piece together this puzzle. 

We look closely at inventory levels. For example, in our 2015 Brickell market report we forewarned about price corrections for several units and buildings and we advised owners to start selling. The market was about to correct heavily. In the summer of 2022, we warned that the Brickell rental market was not likely sustainable given salaries and income levels. We warned about excessive inventory in low and mid-range products in Edgewater and Sunny Isles as well. all these predictions have come true or are in the press of coming true.

Is 2023 the Year to Sell your Miami Property?

Our Condo Geeks software tracks and analyzes the Miami condo market. It will show you the historic prices, and where we are in the lifecycle.

How much is your property worth?

If you want to know what your home is worth you should not use estimation models from national websites. They don’t know about land deals that sold in your area and they don’t know the specifics about your property. Let us look at your property and give you an accurate value. Luxury real estate cannot be valued like generic real estate. It’s exceptional and has to be treated as such.

What is your Plan B?

The crucial question for end-users is where they will go after selling their home. It’s impossible to sell without having a destination in mind, and if you have a great home, you’ll likely want to purchase another one. If you’re in a situation where you’re looking to sell but haven’t found a potential new home to move into, don’t hesitate to contact me. I regularly speak with homeowners who are willing to consider offers and maintain a vast list of off-market properties that may suit your needs. There’s a possibility that we have something that’s perfect for you!

Off Market Listings

I speak to dozens of homeowners on a daily basis and have a large database of potential sellers. If you are looking on the market and do not see the property you like, I might have one for you that is not on the market. Let me know what you are looking for, and I can tell you what I have to offer. Click here to see some of the properties we have sold off-market.

We are experts who have been doing this for the last 15 years. Take a look at our site and see the many articles, videos, podcasts, and reports we have created that will provide excellent insights into the Miami real estate market. We are here to help you make better decisions  because that is the motto of our group.

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FAQ

These are the most commonly asked Google Real Estate Related questions

1. What are the Current Best New Condos in Miami?

If you want to hear in more details our opinions on the best new Miami new construction condos. Please read this article:Best New Construction Condos 2022-2023

2. What is the best New Construction Condo in Fort Lauderdale?

In our opinion, the Residences at Pier Sixty-six are certainly the most interesting and unique. Already well underway this 32 Acre project will be home to the first of its kind Marina where owners will be able to anchor up vessels up to a staggering 400 ft! For specifics of this project see our independent review of this project.

3. How can I compare the new luxury construction Condos to the best existing Luxury Condos in Miami? 

Our Best Luxury Condos in Miami article will prove to be very useful to those looking to compare the existing to the new. You may also want to watch this video which shows the performance of the best Condos in Miami over the last 15 years!

WHY WORK WITH DAVID? THINGS YOU SHOULD KNOW...

For all our analytics we are agents driving some very unique and advanced tech. We Provide a granular and custom experience that empower our clients with the insight and tools to understand the most complex behaviors of any local markets.

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    Over 100 reports produced to date

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    Over 1800 published articles and counting

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    Over $2 billion in real estate sales

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David Siddons
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