Miami takes a pause

Welcome to the property management blog.

I’ve been in Miami the last few days. I have noticed there are more cranes putting up buildings than ever. I also noticed that all new financing for condo projects has stopped. I also saw that the median cost of a new home in SE Florida has started declining for the first time in a very long time.

Did the hurricane season destroy the housing and condo market here? This is a question that is even on newspaper headlines. Developers are concerned the new condos on the market may not be absorbed as quickly as they would like. Real estate agents are nervous.

It is likely that this is only a temporary scare that is a natural respite after two storms walloped the area this year. Miami has momentum in its property markets. It is unlikely that that will come to a sudden halt. It is more likely that this is a timeout in the game and the action will continue after the Florida storm insurance guidelines and safety nets are revamped again.

What do your contacts tell you about Miami?

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Disclamer: This entry is intended to promote our partner StorageMart and some or all participants received compensation.

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