During the current presidential administration, the condominium real estate market in Brickell is not seeing much action, according to local real estate experts.
Brickell’s biggest condo-buying clientele are mostly South Americans, who are holding back due to ever-changing regulations coming from the presidential administration, said Oliver Ruiz, a Brickell-based broker associate for The Keyes Company.
“At this moment, most of the people who are buying condos are cash buyers,” he added.
In Brickell, about 1,610 condominiums are on sale, Mr. Ruiz said. In the past 30 days, 46 condo sales are still pending while only 74 sales have closed, which is a low number for the area, he said.
“What’s positive about this is that right now is the best time to buy because inventory is high and nobody’s buying,” Mr. Ruiz continued. “Sellers are fighting amongst each other in order to get an offer. But, in the 33129 [zip code area], which is the older side of Brickell, there has been a lot of new construction going up and currently has the lowest number of listings, which means what has been surprisingly selling is new construction.”
In April, cash buyers accounted for more than half of all condominium and townhome sales in Miami-Dade County, at 52%. Cash buyers are even more dominant in the million-dollar market, accounting for 67% of sales, according to a June 2 Miami Association of Realtors insight report.
Cash buyers are likely to continue to be the major source of demand in the condominium and townhomes market as mortgage rates remain volatile and elevated at around 7%, the report said.
“The rental market is still very active,” Mr. Ruiz added. “What I’m seeing is a lot of the sellers who had their units on the market for a while are canceling the listing for sale, and they’re putting them on the market for rent because of how active the rental market is right now.”
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