Luxury real estate weighs down the Miami market
For those that study the Miami-Dade real estate market carefully, you are likely familiar with the annual report that the County Property Appraiser puts out every July. Below is a Miami Herald Media Company article that previews what the report will expand upon. Our own elected and unbiased Property Appraiser has clearly identified that residential County real estate values are contracting, led nearly exclusively by the abundance of residential condo construction.
To quote Pedro Garcia, the County Property Appraiser verbatim, “We continue to see the same market trends as last year, with an oversupply of condominiums putting downward pressure on condo values.” I am very eager for the final report to come out, further solidifying the rationale for why our team formed BRICKELL VENTURES, LLC. I highly recommend the below article for those that are paying close attention to the inflated values that many of the local developers would have you believe are sustainable.