Miami's Real Estate Power Players: Who's Winning and Who's Losing in the City's Buyer's Market
Despite a strong uber-luxury market, Miami-Dade County is facing an abundance of stale and overpriced listings, leaving buyers in control of properties under $3 million.
Real estate players in Miami-Dade County are facing a stark contrast in the current market, with properties under $3 million being controlled by buyers while the uber-luxury market remains strong. According to Duff Rubin, Coldwell Banker's regional president for the Southeast, "It's definitely a buyer's market up to $2 million, $3 million bucks...You see a lot of stale inventory, and there's a lot of overpriced listings." However, as Pam Liebman of Corcoran Group states, above $3 million, and even more so above $10 million, the market shifts in favor of sellers.
Despite the overall buyer's market, there are still some real estate power players in Miami who are thriving. The top players in the uber-luxury market include developer Ugo Colombo, who has sold over $1 billion in luxury condos, and Craig Robins, who has been credited with revitalizing the Design District. However, some well-known names are also facing challenges in the current market. Developer Jeffrey Soffer, who recently opened the highly anticipated Fontainebleau Residences in Miami Beach, has faced difficulties with sales and has reportedly been forced to lower prices on some units.
While the market remains uncertain, one thing is for sure: Miami-Dade County is currently a buyer's market, with a surplus of inventory and overpriced listings. As the market continues to shift and change, only time will tell who will come out on top in this competitive real estate landscape.