Miami Realtors ‘Freaking Out’ After Luxury Condo Market Stalls
MIAMI – Stephen Cohen, a realtor and investor specializing in the South Beach luxury condo market, is biding his time. By this time next year, the 15-year real estate veteran expects the average price for a condo in Miami Beach’s hottest neighborhood to drop by more than 40 percent than it is today.
“In the last six months, prices have dropped by nearly 20 percent,” Cohen says. “I expect it will go down another 20 percent in the coming months. So I’m not buying until 2018.”