There is a fundamental disconnect between supply & demand in the Miami and Miami Beach condo markets. Inventory has steadily risen across market segments, all while transaction volume has dropped off. Higher price points are the worst offenders. The Miami $1M+ market saw a 147% increase in supply since 2013, while sales dropped 32% in the same period
Miami Beach real estate trends that are contrary to community building:
Presentation given by Ana Bozovic on February 7, 2018 to the Miami Beach land use committee.
In November, 2017, Miami Beach voters approved a density increase in North Beach. The vote applies to ten square blocks in North Beach, creating a new Town Center. Within the context of implementing new policy in North Beach, Ana Bozovic gave a presentation to the land use committee on current issues in Miami Beach's housing stock. The FAR increase in North Beach is an excellent opportunity to implement intelligent policy, allowing the area to revitalize and flourish.
CMB: The Missing Middle
What is happening to our residential market?
Is CMB a resident friendly city?
Download the report using the link above, or use the display below to read from your browser.
The median 2017 resale price for a condo in an building built post 2000: just under $1.5M.
Median household income in Miami Beach: approx $54K.
New condo construction clearly targets outside money. The market bifurcation between locally supported products and outside money dependent inventory is a topic on which I have extensively reported.
Read my special report on Miami condo inventory levels: The outside money has stopped coming in, and there are unprecedented levels of condo inventory past even $500K.