The South Florida market is starting to turn, there are multiple signs of an actual market turn at this time,
some of which may not be disturbing individually, but these trends together, clearly indicate that our market is turning:
-1. Foreclosures in Miami-Dade are up nearly 30% from last year.
-2. In 2016, 56% of Buyers in Miami-Dade where foreigners, in 2017, only 26% where foreigners.
which is around 50% decline from one year to the next, progressively returning the market to
a less artificially inflated place.
-3. Some of the large builders have had to change their plans and turn condo buildings into apartments,
following struggling sales in areas like Hollywood for example.
-4. Miami-Dade rank second worse after Detroit in housing affordability
(ratio between average income and home prices)
-5. Major Markets throughout the US are also showing turn around data, specially in the higher end markets.
These trends are not geographically located to one single part of the Country, but rather throughout.
-6. Increased floods will start affecting the markets downwards, however, we do not anticipate these events
to be consistently dramatic on the coast and Downtown Miami for the next 30 years. After which time, insurance
companies will stop issuing policies for high rises and water front or near water properties and high rise condos will
progressively become unsellable in those areas.
-7. The Stock Market has been going up for the last 10 years, many stocks are overvalued, the trade wars are having
a snowball effect on many American industries, creating a severe threat which is likely to turn our economy around.
The upcoming crash of the stock market will most probably precipitate the depreciation of the Real Estate Market,
along with the other factors of course.