Real State experts evaluate South Florida Condos Sales in pain while houses slightly gain
According to the Miami Association of Realtors, Miami luxury condo sales decreased nearly 15 % in the third quarter period in 2014.
The receding flow of foreign cash was the big influence on South Florida’s housing market in December 2015 as condo deals waned and the volume of regional single-family home sales was weighed down by a drop in Miami-Dade County.
The latest figures released by International Sales Group World, a real estate sales and marketing firm that tracks the sales activity of new residential projects east of Interstate 95 in the Miami and Fort Lauderdale areas, point to healthy absorption over the last five years.
Only 302 units were sold since the firm's last report was released in September 2015, down from 537 sales recorded in the third quarter and 800 units in the second quarter.
In a rare occurrence, both Broward and Palm Beach counties recorded more sales of both existing single-family homes and condos than Miami-Dade, which has a significantly larger population.
Even though the Latin American buyer has pulled back. Right now, the fundamentals are still strong. The circumstances are such that's it's going to come back for the American buyers.
The devaluation of foreign currencies against the U.S. dollar won't fully chase out deep-pocketed South American buyers, who look at South Florida's luxury condo market as safety deposits.
New condo project announcements are still expected this year. Developers will take longer to reach the sales threshold needed to secure a construction loan, pushing back groundbreakings.