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The Miami Beaches Market Pulse – March 2017 Results

Christopher J. Lazaro, MBA Licensed Real Estate Broker & REALTOR® Christopher J. Lazaro, MBA, Licensed Real Estate Broker & REALTOR®, 1-800-798-9192 ext. 333, License #: BK3252123, Metro International Investments, MLS: http://REBroker.Miami
Sunrise on Miami Beach

Sunrise on Miami Beach

Welcome to the March 2017 edition of the Miami Beaches Market Pulse, by yours truly, Christopher J. Lazaro, Licensed Real Estate Broker.  I have lived in Florida for the past 15 years, most recent 8 years of which I have lived in the Miami Beaches with the A1A, Collins Avenue, just outside my doorstep.  In that time I have witnessed the continued transformation of the Miami Beaches as new towers go up, old buildings being rehabilitated and repurposed, and even the complete destruction of small shopping centers to make way for parks & green space.  Since I have lived on the beach, I have watched rents skyrocket, even recently as the glut of luxury inventory continues to build and loom over the market, in the same manner, the shadow of the towers loom over the beach in the afternoon.  What is interesting, however, is we are in a very similar circumstance to where we were in 2006 & 2007 when renting a unit on the beach was far less expensive than the cost of ownership.  In economic terms, from an Opportunity Cost perspective, why own on the beach at all when renting, despite 7 consecutive years of rent increases (sometimes substantial), is by far and away the more financially sensible option?  Peter Schiff, known economist, self-made millionaire, and CEO of EuroPacific Capital & EuroPacific Bank, pointed out this very paradigm (rents versus the cost of home ownership) just before the collapse of the prior real estate market.  I subscribe to Peter Schiff’s YouTube Channel and recommend it.

Do not get me wrong, while I am a “Bear” on the higher-end condominium market, there remain excellent opportunities to be had on the Miami Beaches, one just needs to know what to look for and where.  In addition, the growing inventory of new and newer condominiums on the resale market will eventually become heavy enough to break through their current Price Support Levels and towards more sensible and affordable price levels.  Listing Volume continues it’s 3-year climb and Sales Volume is so low that it has forced many Realtors to find greener pastures elsewhere.  I expect in some cases properties will eventually trade at levels at or lower than their cost to build.  Don’t just take it from me, The Daily Business Review did a recent article on the subject on February 1st, 2017 entitled “2,550 For Sale: Miami Sees Record Luxury Condo Glut”.  This article comes on the heels of numerous others discussing similar circumstances in Downtown Miami; Wolf Street published “In Miami Condo Glut, Preconstruction Resale Market Freezes Up” and following that article from September of last year, there was another, published in the Miami Herald, on March 17th entitled “The number of new downtown Miami condos will surge this year — and then fall“.

Spring is in the air, and as we head further into April I am excited by the prospect of at least one large commercial sale on Ocean Drive my team and I have been working for months on.  Whether the market is going up or down, the fact remains that the Miami Beaches are, and will continue to be, one of the most desirable locations to live and invest in for the foreseeable future!  Now, onto the reporting for the Month of March 2017!

Market Activity & Neighborhood Reports by Zip Code for the Miami Beaches

33139 – South Beach & the Venetian Islands

Click here to receive the 33139 Market Activity Report.

Click here to receive the 33139 Neighborhood Report.

MLS Sales Volume is at a 3 year low.  Listing Volume is at a 3 year high.

The Median Sales Price has been buoyed by higher than average real estate sales.  The average property is listed on the MLS for 4 months before it sells!

Click here to see Active Real Estate Listings in South Beach & the Venetian Islands. 

33140 – Mid-Beach

Click here to receive the 33140 Market Activity Report.

Click here to receive the 33139 Neighborhood Report.

MLS Sales Volume is at a 3 year low.  Listing Volume is at a 3 year high.

Click here to see Active Miami Beach Listings in Mid-Beach, 33140.

33141 – North Beach & North Bay Village

Click here to receive the 33141 Market Activity Report.

Click here to receive the 33141 Neighborhood Report

MLS Sales Volume is at a 3 year low.  Listing Volume is at a 3 year high.

Click here to see Active Miami Beach Listings in North Beach & North Bay Village in 33141. 

33154 – Surfside, Bal Harbour & Bay Harbor Islands

Click here to receive the 33154 Market Activity Report

Click here to receive the 33154 Neighborhood Report

MLS Sales Volume returning to a 3 year low.  Listing Volume is at a 3 year high.

Click here to see Active Miami Beach Listings in Surfside, Bal Harbour & Bay Harbor Island in 33154. 

33160 – Sunny Isles Beach, Eastern Shores & Golden Beach

Click here to receive the 33160 Market Activity Report

Click here to receive the 33160 Neighborhood Report

MLS Sales Volume is at a 3 year low.  Listing Volume is at a 3 year high.

Click here to see Active Listings in Sunny Isles Beach, 33160.

This concludes my report for March 2017 versus March 2016.  It appears the decline in the market is largely centered on condominiums as single family housing remains very strong in Miami-Dade County at large.  For the time being, renting, or owning a single family home appears to be the most financially sensible options available to the prospective new resident of the Miami Beaches.  If you have any questions or would like to be shown potential new homes or investments in the Miami Beaches, feel free to contact me anytime.  1-800-798-9192 ext. 333.

Yours truly,

Christopher J. Lazaro

Licensed Real Estate Broker

Metro International Investments

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About Christopher J. Lazaro (51 Articles)
I am a Licensed Real Estate Broker specializing in Residential Real Estate transactions from Downtown Miami, through the Miami Beaches and into Fort Lauderdale along the US1 Corridor and East. Whether you are a First Time Home Buyer, an Institutional Buyer, or Private Investor, I will be happy to provide you a consultation to evaluate your real estate investment goals. I can be reached at 1-800-798-9192 ext. 333. My MLS Website can be found at http://REBroker.Miami. I am a Qualifying Broker for and partner in, Metro International Investments.

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