May/June Market Update

Market Update May and June 2023 In a challenging market due to the rise in interest rates over the last 12 months and more recently the failures of New Republic, SVB and Signature Bank, Miami has fared well enough.  Under 5 million dollars demand for single family homes is steady especially in the most desirable neighborhoods. The condo market in this price range is balanced but dependent on location, and other factors such as age of the buildings. Above 5 million dollars we see a more challenging market for sellers of single family homes with inventory building in comparison to the last 2 years. However, it is worth noting still historically low with little choice in prime locations. Demand is weaker and more opportunity for negotiation is present. Condos in this price range are faring better with demand holding. When we get to the 10-15 million dollar price range we see the most weakness in single family and the condo market and there are definitely opportunities for the smart buyer.  This is the time to pick up a trophy property at a discount.  Above 15 million the market is more nuanced. Yes there may be opportunity for a buyer but these sellers don’t always have to sell, and will often wait for a more advantageous time to list their home. Negotiation at this and above the 20 million level has to be strategic and well paced. It is in the upper range of the Luxury market that we see the fallout from bank failures. The three banks listed above often had personal relationships and provided very advantageous mortgages for their well heeled clients. What is the best defense against the storms of life? Location and quality will always hold value. Reach out for more details. Private Suite Terminal  Coming to Miami How much would you pay to avoid the airport before boarding a plane? On a recent morning flight from Miami to New York, chaos ensued and it took almost two hours to get through the TSA even with a priority ticket, the answer would have been anything at all. I was tired, overheated and fighting a headache. It wasn’t just the security line but unhinged energy of my fellow man crowding around me. Well Private Suite, which pioneered at LAX, is betting the high end traveler will pay quite a bit to avoid the masses and travel in privacy and solitude.  Cost: $4,500 membership fees yearly  plus $3,000 to $5,000 per trip.   So far so good they plan on opening luxury terminals across the US, and the next stop is Miami where they will be restoring the iconic PAN AM headquarters. What value does a service like this add to a city like Miami? It is one more step in establishing it as one of the great global cities of the future, and from a real estate perspective it is a new amenity and standard that will be sold to the Luxury buyer and an affirmation that Miami is a city they belong in. Learn more. Live Like Messi There was great excitement this week when Lionel Messi decided to turn down a 400 million dollar a year contract from Saudi Arabia in favor of Inter Miami. Messi owns three condos in the Porsche Building In Sunny Isles. It just so happens that we at the Chad Carroll Group have an amazing high floor apartment for sale in the same building. See it here. Call For An Appt Amanda Sawyer NYC to Miami Real Estate Advisor  M: 347.222.5625 amanda.sawyer@compass.com © Compass 2023 ¦ All Rights Reserved by Compass ¦ Made in NYC Not intended to solicit currently listed property. © Compass Florida, LLC. Equal Housing Opportunity. All information furnished regarding property for sale or rent or regarding financing is from sources deemed reliable, but Compass makes no warranty or representation as to the accuracy thereof. All property information is presented subject to errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. marketingcenter--