Real estate specialists from Yuliya Kachko Group (ONE Sotheby's International Realty) disclosed recently that weaker demand from foreign buyers along with the ongoing construction of more luxury condo units with the projects such as Oceana Bal Harbour, St Regis Bal Harbour are bringing down market prices and sales. This is the situation particularly at the market's top end tier.
Yuliya Kachko, founder of this company, emphasized that her team is prepared to assist clients in purchasing or selling their dream homes at the most promising prices. "My goal is to provide the most special attention or white-glove service for all clients. I also wish to establish long-lasting relationships with local and overseas customers," Yuliya explained. This is the reason why her company keeps track of all developments in the luxury property market.
The standard sale price of condominiums in the very exclusive community of BAL Harbour dropped 38 percent in 2016 to $1.02 million. Meanwhile, sales decreased from 32 to 30 percent. The luxury real estate slump has transformed into a market breakdown. The most expensive communities were the most affected. We are seeing some developments have a pretty high inventory such as ONE Bal Harbour.
As a result, the high end market is softer compared to the whole market at the moment. Prices of the upper 10 percent of condo towers declined 14.5 percent to the average sale price of roughly $3.3 million. On the contrary, property inventory increased 58 percent which contributed to around 3 and ½ percent of supply.
The main market performed a little better with average price of sales rising in the urban hub's seaside mainland market 2.7 percent compared to the $404,020 in 2015. Miami Beach is considered home to many of the highest-profile and posh residential properties. A recent report said sales figures and prices in luxurious Miami Beach plunged during the year's first three months. Some of the projects though like Setai Miami and Golden Beach Florida.
It was reported last year that buyers from abroad dominated the upscale residential market in Miami. This year, only less than one-third of overseas clients were recorded. This favored local buyers who came mostly from New York.
https://www.youtube.com/watch?v=5uXoOQ5t5f0
Contact
Yuliya K.
***@onesothebysrealty.com
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