If you own a South of Fifth Condo as an investment, it might be time to rethink your investment strategy!
Like the entire Miami condo market, South of Fifth condos are experiencing a high level of months of inventory with correcting prices. For more information on the inventory and price levels in South of Fifth please download our Miami Residential Real Estate Report 2016 (South of Fifth starts at page 36)
For those who own a condo unit in South of Fifth, this might be the right moment to sell your unit, before the inventory levels increase more with decreasing prices as a result.
When it comes to selling in this South of Fifth, you need to know these three aspects:
- A very honest knowledge of the current market conditions
- An open mind to be able to foresee the changes before it’s too late
- An excellent realtor able to execute that with the best and most advanced tools.
A very honest knowledge of the nowadays market.
It is not very important for your future listing price that the prices ramped up for the past 5 years. Best for you to know how long are properties sitting in the market before they sell. Many sellers are looking at the past years in which buyers would pay prices exceeding the market price. Those who want to sell their unit need to look at current sales prices and in order to sell quickly (or at all) you need to price your unit against market value before your units sits on the market for a very long period of time while you end up reducing the listing price several times. The SOFI market is without a doubt experiencing a buyers market. Inventory out there is more than abundant and with so many choices nobody would bring you an offer for a dime over market price. Why fish high when you will simply not get any traction.
On average South of Fifth Properties sell for 10% than they list for
This ranges from 2% to 25%
The numbers show that the condo market in Sofi is quickly moving down and if your Sofi unit is a pure investment, it might be smart to look at a better performing market within the Miami area.
An open mind to be able to foresee the market changes before it’s too late
The more honest you are about it the sooner you will be able to move on and move your investments to a more profitable real estate product. The average days that SOFI condos valued above $1,5M are staying on the market is 200+ days. Yes, indeed that is 200+ days in which you are paying high taxes and maintenance fees for an asset that is no longer giving the desired return nor expected to appreciate at the same pace as in the past.
An excellent realtor who knows the market and provides the best and most advanced tools.
Your condo does not sell 1$ higher if your realtor is more glamorous or more famous. A good realtor will show you where the market is and where your market is heading so you get to know the market insights and know why investment A is better than investment B. Your finances are in much better shape when an excellent and respected realtor markets your unit aggressively and has your portfolio at interest. A realtor should have a broad network of local and international clients and agents, and have a great marketing strategy in place.
It is important to use an experienced agent who knows the market and how to market your property. Someone who things further than a commission and who wants to see your finances flourish rather than being deprived in a market that is not performing up to standards.