The Miami Downtown Development Authority released its mid-year market report focused on Greater Downtown Miami, showing positive gains in the market. Despite domestic and global headwinds that have affected the velocity and depth of market activity, slower sales have reinforced a more normalized sales pace, ensuring that current activity in the market remains strong.
Resale pricing among condominiums in Downtown Miami is down by four percent and the decline in median price ranges is in line with the greater amount of inventory currently available. This decline is a contrast to the five consecutive years of double-digit condo market gains. However, despite the drop in resale pricing, the pre-construction market continues to show solid signs. In many cases, projects that are near close out have actually seen price gains due to the current wave of project deliveries that are sold out. Sales offices have reported that activity during April and May was above current trends.
This report reinforces optimism that new and upcoming developments in Downtown Miami have seen considerable success during a four year or more period of gains. As the market matures, a reset may be occurring in the housing market on a broader scale. With the increased amount of inventory, there are strong odds that pricing will follow suit.
With the greater amount of inventory and largely positive trends among the Miami condo market, private lending opportunities for worthwhile long term investment properties are ripe.
This update is provided by hard money lenders Florida company M & M Private Lending Group. We have over three decades of experience specializing in private money real estate loans and we pride ourselves on providing our esteemed clients a service that’s personalized while delivering low rates and closing costs. We also offer mortgage note investments and have worked extensively with brokers and affiliates. Call 305-363-7169 to speak with a lending representative or visit our website to fill out an application form.