Press Release - Miami Real Estate 1st Quarter Analysis
Alex Shay Presents First Quarter 2006
Miami Real Estate Analysis
Alex Shay, an experienced real estate broker associate in
Miami, analyzes market conditions and a changing real estate climate in
Miami Beach, where luxury waterfront properties have been in high demand
Miami Beach, FL (PRWEB) April 25, 2006 -- What’s happening in Miami?
It’s a question that is asked over and over again. Sellers want
to know; and buyers want to know. We’re talking real estate, Miami
Beach luxury real estate, to be exact. This is an analysis of the first
quarter, which should give you a feel of the real estate climate and marketplace
in Miami Beach during the first 3 months of 2006.
Do you want to know what’s happening? According to Alex Shay, the
best way to describe it is, resistance. It’s a word that Realtors
don’t like to hear, but that’s what has been happening. Sellers
are keeping their asking prices up, and buyers are resisting. Sellers
feel that the number of luxury homes in Miami Beach is very limited, and
that the demand is high, and buyers are refusing to pay the prices being
asked. “We are experiencing a bit of a standstill in the Miami real
estate marketplace”, says Alex Shay, and the result is that there
far more luxury waterfront properties on the market now, than there were
during the first quarter of just one year ago. For example, in discussing
Miami Beach real estate, including Indian Creek Village, and Bal Harbour,
changes are taking place. Last year, during the first quarter, there were
29 closings of listed luxury waterfront properties, as compared to 24
closings during the first 3 months of 2006. However, last year during
the same time period, there were less than 90 listed luxury waterfront
homes as compared to almost 200 luxury homes that are presently listed
on the market for sale. That in itself should tell you that the Miami
real estate marketplace has shifted, at least temporarily.
People want to know will happen in the future, but a crystal ball has
not been found. Alex Shay does have opinions, however, as well as a great
deal of experience in the luxury real estate market, and although he doesn't
pretend to be able to predict the future, he says that the demand for
luxury waterfront real estate on Miami Beach remains high. Miami is an
international city, and the only place in the USA, where the weather remains
warm all year round. That makes Miami a very desirable place to live and
to own real estate, especially luxury real estate. People come to Miami
from all parts of the globe, and some of those people see the investment
opportunities that this wonderful city offers. They buy property. For
that reason, the demand for real estate is high, and will probably remain
high in the foreseeable future.
Owning Miami real estate is most likely going to mean that you will be
“sitting pretty” at the end of the day. Prices have not gone
down in many years, and because the amount of international travel has
increased dramatically over the past 20 years, people will continue to
purchase Miami Beach real estate. What does it all mean? In Alex Shay’s
opinion, it means that although there is presently a temporary standstill,
in so far as buyers resisting the high asking prices of sellers, things
are still looking good. Closings of luxury Miami real estate are still
happening, and will continue to happen. If a buyer is astute, and allows
him or herself, to become well educated in the real estate marketplace,
that buyer can make a good deal, and within a few years time, may thank
his/her lucky stars for having the courage and willingness to take a chance.
A few years ago, buyers would sometimes complain about the high prices.
That was when you could pick up a luxury waterfront property, for $500,000.
Today that same property may be valued at more than 5 times what it was
worth then. Therefore, if you can buy a luxury property on Miami Beach,
and get a fair deal, do it. Don’t hesitate. “You wont be sorry”,
says Alex Shay. He points out that he has yet to find anyone who said
that they were sorry for purchasing Miami Beach property. Miami is not
a city located somewhere in the USA where people merely buy and sell property
because they are able to afford more, or because they are downsizing.
It’s not a place where only people who live here, buy property.
It’s a city where people from all over the world buy and sell, so,
unless some unknown disaster strikes, almost anyone buying Miami Beach
real estate, is going to be very glad they did.
One last thing that should be mentioned is that those who are interested
in luxury real estate are not hesitating to purchase a home because of
negative economic conditions. It appears as if the economy is fine at
the moment. They are hesitating because they don’t know what to
do. No one wants to make a bad deal, and no one knows what the future
will bring. They approach Realtors in whose opinion they have some faith,
and ask the age-old question; will prices go up or down? In the near future,
they won’t go up much, or down much. What can be said is that prices
of luxury waterfront property on Miami Beach, have stabilized. For more
information go to http://www.alexshay.com
Reprinted from PRWeb April, 25, 2006
Miami Real Estate