Assuming you’ve been following the activity of the Miami Beach condos market at all, you may be familiar with the back story of the Caribbean condo. At one point, the building sold quickly but soon saw several buyers walk away from their deposits, resulting in a subsequent buyout after its original lender was dissolved. This purchase turned out to be a success. Units that were once selling at more than $1,000 per square foot are now selling at deep discounts of $600 to $750 per square foot with only fifteen units left. What does this mean?
Markets like Miami Beach real estate continue to face major hurdles and are still in tough shape but it is not necessarily on its last legs either. Compared to neighboring downtown Miami, things are looking up thanks to the location of many condos as well as the smaller inventory and active nightlife. Based on recent activity, it could be said with almost complete certainty that sales are slowly but surely improving as the much anticipated bottom draws nearer, assuming it hasn’t already arrived.
What are your thoughts on the current state of Miami Beach condos and downtown Miami condos? Are things indeed on a rocky upswing or is there more bad news to come?