It is now a Buyer’s Market in Brickell and Downtown Miami. Back in the crash of the market in 2007, Brickell and Downtown was right and center of the media as the epicenter with the glut of unsold units. The irony was that Brickell and Downtown Miami was the most affected with the highest concerntration of most unsold units but it turned out to be the fastest to rebound.
Today we have a similar situation, again we are at the end of a construction cycle where you normally find an excess of unsold units. But this time there is no World Financial Crisis 2007 – 2008 taking the market down, what we do have is the Venezuelan economy has hit bottom with their currency devaluating drastically. Why is this so important? Venezuela has always been #1 foreign buyer in South Florida for the past 30 years. In 2018, overnight, the Venezuelan’s have become the #1 foreign seller in South Florida. This phenomenon occurred once before in the 1980’s and caused prices to drop at a plummet.
The real estate market in Brickell and Downtown Miami, is basic Economics 101, supply and demand. Prices will remain low until the inventory is adsorbed. There is a one major change that has occurred in Brickell and Downtown Miami in the past 10 years. It is its growth in infrastructure and commercial development. This is the main reason that living in Brickell and Downtown Miami is so desirable and makes it one of the the places to invest right now in the US. If you have not heard the alarm bells singing “Buy Now” then you need to pay closer attention.