Don’t Blame Miami for its Condo Real Estate Market Drought

Much to the dismay of many the Miami condo real estate market declined so fast that even the high rollers of the game have observed in silence, in 2004 the condo real estate market in Miami is rolling, with newly built condos here and there, the stat sheet is filling up like a Jason Kidd on a good day. But now, everything is in quiet nature and it seems that there are a lot of talks about how the industry can find a good rebound over the said thought. Clearly there are some problems to address but the main reason I see is not in the city, it’s not even in the state, it is more of a national approach, well, check that it is a more global approach. I think that economic crisis has been hitting the mainstream and it is not making any good cause for many markets and Miami condo market is a part of it.

Economic Crisis Gone Global

Miami is having not a good time in its real estate business, well check out other markets as well, Los Angeles, New York, Philadelphia oh, let’s move on, Tokyo, Manila, Shanghai and even Bangkok, Moscow, Paris, Bologna, I can go on and on and I won’t even blink. Point is, the economic crisis has hit in a worldwide effect, causing many investors shy away on the possibility on investing in one place. Miami for example have a decent track record in its real estate corps, well any market can have the same effect but right now, potential alone can only get you so far. It is like having a bad season on a football league, you can’t get a Touchdown or yards for that matter, you’re in a slump and I think a lot of cities in the country are getting that a lot. Slump is not a big word but yet too many have been affected by it.

It has been one thing, the economic crisis have hit Miami like an injury bug hitting its pro basketball team the Heat. So, I think it is rather understandable to see Miami condo real estate having that status in the market, overbuilding, lack of buyers etc. there are problems within but I think it is much easier to handle if you give it time. What’s brutal right now is how the vultures or the critics has been looking at this situation like it is some sort of a disease that is incurable, well in fact it can be solved in a few years time, it is the same situation back in the 90’s and we found our rebound in the early 2000’s. so I think it is safe to assume that the economic hit can be a factor but really it is much to the point that people looking to see what’s really brewing in the marketplace.

Rebounding

Well, in terms of rebound season, I think we can give Miami condo real estate say 3-4 years to back in full effect, I say we can still have the rebuilding process on our heads once the tide is clear but right now our focus should be seen in a relatively positive attitude. We can’t get a good break now, especially if Bush is still in the Whitehouse, but if we can get a good break say having to focus on our own country’s economic growth and development, I say there can be good season to look for. For Miami condo real estate I think the time can be now, or it can be the other way around, so patience might be a good virtue now.

Jron Magcale
http://cervera.com

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