how long does it take to get to miami This is a topic that many people are looking for. bluevelvetrestaurant.com is a channel providing useful information about learning, life, digital marketing and online courses …. it will help you have an overview and solid multi-faceted knowledge . Today, bluevelvetrestaurant.com would like to introduce to you How long will it take for the Miami Condo Market to Recover?. Following along are instructions in the video below:
A recent conversation that ive had with so many people theyve been asking asking me the same question about the condo market. Which is how long have we before we get back to normality and i guess normality means when were at the level of price that satisfies that particular customer. Which is what they consider to be what they probably paid for it back in 2030 and 14 or 15.
And the conversations really evolved to the point that what they really mean is when do i sell it i dont want to hold it right now but im worried that if i sell it today. Im gonna lose on my various different carry costs that ive got whether its the taxes or the maintenance fees or the real estate costs or anything like that so. What we did was we put together a blog and the blog is really detailing how long its gonna take to absorb all this current inventory within the relevant markets and what youll notice is that each different neighborhood.
It really varies a lot in brickell. Its one level in the grove. Its another in miami beaches and other in sunny isles and bal harbour.
Its another. But this is based off.
What is the current absorption rate so back in 2008. When i started in the business. It was a really different time the market was on the downturn and everyone was talking about seven eight years supply of inventory.
Which just seemed to be insurmountable. But then what happened was that it all got absorbed in 18 months. So what happened well really simply what happened was that the price has dropped a lot the dollar per square foot went down so much that buyers just flooded into the market and the absorption rates the amount of transactions that we ran per month went from maybe 10 or 20 up to a hundred so the inventory just suddenly shrank in a really short space of time why am.
I saying this its important to understand that under current absorption rates. Its going to take a certain amount of time. But if the same happens today as it did in 2009.
Were gonna find absorption will suddenly shrink time it takes to absorb will shrink and we wont be dealing with 2 3. 4.
Years. We can be dealing with 12 months. Now.
Some markets are actually doing very well then and have a lot of inventory still its okay is a stable time and if you are a seller youre gonna be getting the right number now the other thing to bear in mind is that if you ask me when you should sell im going to need to look at your specific situation with your specific property. And its also relevant to the dollar per square foot because right now if you ask the right dollar per square foot youll sell now i always try to help my clients calculate not just you know how long itll take. But also if they do hold it what are the carry costs with that and that means your taxes and your insurance.
But also means the loss of ability to utilize that liquidity that cash for another investment. So dont just think well i can tread water for a couple of years and ill be okay. Its actually costing you more than you think so give me a call.
I can explain as always enjoy the rest of our blogs email. Me call me speak to me through the drift app below and we look forward to helping you .
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