Miami Real Estate

As a realtor, this is the question I get almost everyday from clients, prospects, family, friends, etc. People usually tell me “I saw the last market report at CNN and they said it’s still bad and will take months to recover”. The very first thing I answer to my clients is that the real estate market is such a big market that it can not be analyzed as one. The Miami-Dade market has many “sub-markets”  like Miami Beach, Brickell,  Aventura, Sunny Isles, Coral Gables, Coconut Grove, Key Biscayne, Pinecrest, Doral, Kendall, Healeah, etc. All have different behaviors, all have different demands, different client origins. As an example the Aventura/Sunny Isles area has a great influx of Russian buyers, same thing Brazilian buyers in the Brickell area and Venezuelans in the Doral area. This influx of buyers has a direct impact on the performance of each sub-market and that is why we see some areas already recovering and others don’t. We have seen prices rising in Brickell’s newest buildings as well as Doral newest developments, it doesn’t mean that the market is already going up but it does mean that in some sub-markets we are seeing the recovery, again that each sub-market behaves different and that we should analyze each sub-market independently when making a real estate decision.