Miami Condo Market’s Future looking Pretty Drowned

April 12, 2008

It has no been a good year for Miami Condo Market, yes all signs point to nowhere, indeed a lot of reports has been made and the majority is that the market of condos have gone from boom to bust. Reality is that the big factor of the market is the overbuilding of the condos that plagued Miami, they are very well aware of the residential and housing bust and despite of that investors and developers still insist of a major building frenzy, you can see condo buildings everywhere and the fact that there are still unsold and listed units, and a lot of them are (20,000 plus are currently listed), developers and investors are still pushing on building more. They have tried different strategies like using nice names, using promos and ads, they have tried everything yet, and the outcome is still the same.

It has no been a good year for Miami Condo Market, yes all signs point to nowhere, indeed a lot of reports has been made and the majority is that the market of condos have gone from boom to bust. Reality is that the big factor of the market is the overbuilding of the condos that plagued Miami, they are very well aware of the residential and housing bust and despite of that investors and developers still insist of a major building frenzy, you can see condo buildings everywhere and the fact that there are still unsold and listed units, and a lot of them are (20,000 plus are currently listed), developers and investors are still pushing on building more. They have tried different strategies like using nice names, using promos and ads, they have tried everything yet, and the outcome is still the same.

Are we looking for a doomed future for Miami condo market? Seems to be, signs are pointing to it and a lot of stuff have been in consideration. Numbers aren’t looking good either, investors have been keen on making a move on different areas but personally I think they will get the same outcome. Just how much of these does they have to endure before they redirect their attention to other markets which in my opinion will help the market? It is rather unusual for them to push and push although obviously and they probably know it, that the market isn’t looking very well.

Forecast readings have gone from average to low, it is that bad. Last year they saw some boom to the market but this year it is highly unlikely but no impossible. More and more people have been redirecting their attention to their markets; condos aren’t making smart difference this year. Although we are extremely aware of the possible outcome of this situation if this push through I don’t think investors and developers thinks otherwise. Living up to the expectations is now being based on what expectation you have. They can be on negative state or they can be on positive. Right now the future is pretty much on dark clouds, it’ll rain, oh yeah it will if the market continues to plummet.

Is there a way to make the forecast in a sunshine phase like its state? Well there is, I don’t think anything is impossible here. Changes can be very well made, I mean it’s a long year and things can happen predicting its future is still all a big guess, based on the numbers the future is gas, based on optimism the future has legs. So everything is pretty much up in the air.

Jron Magcale

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