Sell is the word I’m often hearing lately and sell is what most condo owners in Downtown Miami seem to be trying to do right now. If you’ve closely followed the latest reports I’ve done in the area then chances are you’re probably already aware that we currently are at a Buyer’s market as sellers (especially investors) that bought during the downturn are seizing the opportunity to cash out on current profits. While nearby markets such as Coconut Grove are still facing shortages of inventory, especially with single families below $1,000,000, we currently have 37.5 months of inventory available. With lots of condos for sale in multiple developments it makes it quite easy for sellers to get lost in the jungle of prices and for some of our buyers to feel overwhelmed with so much to choose from.
In summary, for certain sellers with a need to sell quickly (relocation for instance) , it can be quite a challenge to attract a buyer with so much competition going on.
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