Well it seems that the real estate market of Miami is in the red early on. In the first quarter of the year the statistics does not look good. Prices are dropping, foreclosure rates are posting higher numbers and overall forecast doesn't look real good. Although known to be a prominent name in the state of Florida, it is expected that Miami should be immune on the boom and bust cycle of its market. Miami being a known commodity in the real estate market has seen its share of ups and downs over the years but it seems that the future of it is not looking very bright. The main cause of it is the condo crisis that has hit Miami in the past year. Miami real estate market shown significant fall prices citywide have dropped a dismal 17.5 percent than its previous housing prices a year ago.

They blame it to variety of reasons but most of them blames it on the condo overbuilding that has plague the city of Miami, although it is known that condos are the best choice in their market, the number of units that has been left half-built and others have seen foreclosures and most of them are still listed, a lot more of them (20,000 + the last time I checked) and as that problem isn't enough a large number of units are still being built as investors still got their eye on the condo market. It is rather unusual that despite the residential bust that the state is having, investors and developers are still pushing to build more. You can see the proof as everywhere you go, you will see buildings are being built with cranes towering them.

The future of Miami Real Estate market does not look good at all; they are listed at the top of this year's list of worst markets. The forecast on its market is something like; cloudy skies with a chance of rain and if that persists probable storm coming. It's rather true considering the present issue is raised. The perception of the reality that Miami is getting a rather unlucky in its market have grown larger, in the recent years the condo market has been a hit mainly because it was just growing to its full potential, now that it has peeked to it full growth building more and selling less is the outcome.

There is still chance to clean the air on Miami's real estate crisis, it is excused because nationwide it is a trend, but the only way to get a brighter future for Miami Real Estate market is to have a balance approach on it, condos are good but they have limited scope as it shows, having a balance attack with residential and commercial will allow its market to have space on growth, focusing with only genre will just make it unbalanced. So I conclude that the future of Miami real estate will take a hit but it is not impossible to move on a different direction.

Jron Magcale

http://miamirealestateinc.org

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