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Satisfied Sellers Who Reduced Their Prices

A report from the Real Deal on Florida. “Sunny Isles Beach is saddled with 17 years of inventory of condos priced at $5 million and up, and overall, Miami-Dade County faces nearly five years of supply of high-end units, according to a new report. Of the 348 units listed for sale on the Southeast Florida Regional Multiple Listing Service as of Aug. 31, about 30 percent, or 103 units, are in Sunny Isles Beach.”

“Based on the six recorded sales between August 2017 and August 2018, that means that Sunny Isles is facing 206 months — or 17 years — of supply of the ultra high-end condos, said Ron Shuffield, CEO of EWM Realty International, which created the report.”

“In Miami Beach, 82 units asking $5 million and up were on the market as of the end of August, which comes out to about 2.6 years of supply based on about 2.5 units selling per month over the past year. In Key Biscayne, 14 units are on the market with about two years of supply, Shuffield said.”

“The report does not include the preconstruction market, but developers are cutting deals with buyers, and Shuffield said that the new owners of new development units are reselling their condos for 25 percent less.”

‘The average sale price of units that sold over the past year was 17 percent less than the average original listing price. And 96 percent of the 83 units that sold closed for under their original asking prices.”

“‘We have a lot of satisfied sellers who reduced their prices accordingly, rather than waiting another year,’ Shuffield said.”

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This Post Has 12 Comments

  1. ‘The report does not include the preconstruction market, but developers are cutting deals with buyers, and Shuffield said that the new owners of new development units are reselling their condos for 25 percent less’

    There’s thousands of these not finished yet and the developers are undercutting their previous customers.

    ‘Something fishy’ about sale of a golf-course villa in Seminole’

    1. “There’s thousands of these not finished yet and the developers are undercutting their previous customers.”

      I have a feeling that their current customers will be undercut in a few years. Definitely still a bunch of knife catchers here. I would wait a few years, the bottom is still a long way out!

  5. Love the new site…only complaint is, I can’t see nesting on my iphone (but nesting is visible on my desktop)

    1. It’s a work in progress. None of us are experts in WordPress and the setups are vastly more complicated. But we are making progress and as issues are resolved we’ll have time to evaluate things like the nesting. Feedback on bugs is appreciated.

      1. Hey Ben, is there a way to italicize quotations from the stories you post? Also, is there a way to avoid typing in my name & email every time I post?

    1. ” … & the Fed Keeps Hiking”

      glory glory hallelujah!

      “… He is trampling out the vintage where the grape$ of wrath are $tored;
      He hath loo$ed the fateful lightning of His terrible
      $wift $word;

  7. “‘We have a lot of satisfied sellers who reduced their prices accordingly, rather than waiting another year,’ Shuffield said.”

    I’d be satisfied too, if I dropped my insanely overpriced shack or condo on some sad sack bagholder before the bottom drops out of the housing market.

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