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I honestly don’t think so, there “might” be a small market correction, but I think it will never go back where it was before covid.
Call me crazy, but I don't think it's really that great of an idea to make any long term plans when it comes to property in Miami. It doesn't seem like we're really doing much about the rising sea levels, so Miami might become pretty undesirable or even unlivable in a few decades.
They’ve said this every year since the 80s
Miami will get hit by a hurricane. Possible major. Possibly this year. Forecasts are really high. When that happens market will get seriously corrected. HOAs and insurances will go up to the roof, even higher than now. That will affect more affordability, prices will go down. The city wont look as pretty for a while, people wont be as keen to pay so much for it
As somebody who thinks that prices will never go down because there's just too much growth immigration of people domestic and international, this is a very good point about the hurricane season. Think about New Orleans...Katrina screwed that place for years. Everyone that has moved to Miami in the last 2 or 3 years has never considered a scenario where a big hurricane hits and does serious damage.
One thing keeping the market high, which may prevent the kind of correction you would otherwise get, is a lot of foreign investment from South America.
All bubbles pop eventually. But it's a good question of when that would ever happen. I suspect if someone waits around for prices to drop they'll be waiting a long, long time. And even if the bubble ends, things will still be pretty expensive. And, of course, it could all get washed away. Literally.🌀
2 properties in Miami thus far. I would just suggest against condos, unless you don’t care about potential ROI
I think there will be a small correction (seeing a lot of inventory in the market where I live and people can’t afford the rent), but I think the market will hold and go up in the long run with a lot of the corporates moving down here.
Yeah, once the state floods.
Depends on your definitions and what you're looking at imo. Condo and lux condo (which is 90+% of new inventory) has an oversupply but many of those are only marginally occupied and many are purchased by folks largely insulated from normal market fluctuations (all cash buyers, ultra hnw, or ppl parking dirty money or cash from abroad). The sfh inventory in desirable zips is not increasing. There's also always incoming capital here (esp from the rest of the americas).