Wednesday, April 30, 2008
Miami Real Estate Market’s Slow Roll Concerns Many
It has been known that the real estate marketplace have been overcrowded by the critical points of listings and foreclosures, which is not a surprising act considering we are now in the verge of a housing crisis that has been going on nationwide. The obvious victims of this crisis are the well-known markets and cities that have been considered as hot spots on their areas. Miami for one is on the decline much because of the overbuilding of the condo units and buildings in the city. As the cities foreclosure counts grow the residential market suffers from a decline as well. It’s officially a bust on most states and cities and in Miami it is the same thing.
So what better way to treat problems such as these? Well, there are clever marketing or there is patient marketing. There are a lot of wise but for homebuyers it’s a bit hard to keep up with the changing pace of the market. Clearly because they have no idea what to expect next, for home sellers they have to be patient and keep checking on what’s going on in the rough road of real estate market, so either way it is hard to survive in the changes of the market, yet there are a lot of people that is considering the market as a fail-safe business. I think more to a point that people, especially in Miami are thinking that the luxury front of it has the advantage. Well, if you look closely they are more of strugglers as well, as the wealthy is now trying to survive on the market as well.
It is a dog eat dog world right now and the setting of the market has been on the dim side. The forecast are rather accurate but the only thing that is really saving the market is the outside buyers and investors. Foreigners such as the Canadians, the Eastern Europeans and the Asians are still spending dollars for real estate in Miami, clearly because Miami is still Miami. The place is still the tourist spot that they are known for. But for some people are being some kind of hesitant and unconvinced that the market is moving at lease, even on a slower pace. I come to think that the reality of the situation is that the market will stay that way for a few more months’ even years. It is a viscous cycle but what can we do about it?
It is rather unusual to see a market like Miami suffering this bad. Well the majority of the nation is suffering real badly, so that is reasonable. But the crisis concerns me to a fault that I think changes are badly needed and fast. We need to do something in order to at least be on lookout on our own market’s security. I think personally Miami Real Estate still has juice and the potential is always high. We just need to capitalize on what we have as resources and do a careful strategies on how we can improve the market well enough that progress will be possible in the human eye.