We hear it all over the news, the doom and gloom of Miami real estate yet we all know that there is no one size fits all.  We have different markets in the county - Miami -vs- Miami Beach, Miami Beach -vs- South Beach, affordable  -vs- luxury, etc.    In general for Miami Dade inventory is up 17% over April 07 however  luxury condos over $ 1million on Miami Beach are at their lowest levels since June of last year and continue to attract second home buyers and investors.  Obviously, we do have a surplus of condos downtown and prices will continue to decline there but the buzz among the locals is that we'll have our own version of Manhattan in a few years and everyone is excited about the future of Miami.  (We don't hear that on the news now do we?)   In Coral Gables -what can you say?  It's still the best address for a single family home in Miami and has around a 3 year supply.   So why is it that while we are in the best buyer's market in history we have fewer buyers?  We know the concerns of property taxes and insurance and we'll have some amendments to help homestead and non-homestead properties coming up in November and we can discuss that in the next blog. I think everyone is attached to the press of how bad the market is today and not of where it will be in a few years.  Yes, we have inventory to get through and the economy is tough today with gas prices, etc.   But keep in mind that our interest rates are so low and what goes down eventually goes up.  Remember we make our money when we buy, not when we sell and it sounds great to "time the market" yet difficult to do.  I love our magical city - what about you?  What are your thoughts, are you buying?  selling?  waiting?

If anyone would like to chat about a specific topic send me an email and we'll get it on the blog.