Real estate in Miami, Florida, is constantly fluctuating, which makes it essential for developers, builders and others to keep an eye on the market. The movement from the lows of the recession to the current state of affairs in commercial and residential properties has been significant. Experts believe that 2016 will be good to a limited number in South Florida real estate.
It may be that what some see as a rise in sophistication has prompted a shift in the number of people and companies who are relocating to Miami from New York. In particular, those who offer upscale condominiums are finding that people are willing to pay high rates. Even so, the pace at which new condos are being built is slowing down, and construction prices are shrinking.
For some developers, this is good news because they believe many of those who have planned construction will not be able to follow through on their projects. Companies with existing luxury condos and hotels may then be able to continue to take advantage of the demand without seeing a significant drop in prices.
Issues such as supply and demand, interest rates and other trends in the real estate industry can have a major impact on the way that construction companies, developers and property managers conduct their business. Unfair trade practices and monopolies could prevent some from enjoying the benefits of the uptick in condo prices, but an experienced Miami real estate attorney may be able to provide assistance or representation to level the playing field.
Source: Commercial Observer, “Miami’s Building Boom Might Be Cooling, but Certain Developers Will Turn Out Fine,” Lauren Elkies Schram, Feb. 24, 2016