Learn the main tips if you are considering investing in a condominium in the city of Miami.

1. There’s always a good time to buy: At the very time I write this, condo prices seem to have leveled off to some degree. When buyers are serious, they pay attention to market conditions and the latest sales, and price their units appropriately. Some readers may be surprised to learn that the difference between the initial price and the final sale price (in the condo market) is now less than 5 percent. Buyers will need to understand this, and be ready to make appropriate and legitimate offers. Properties with an adequate price are not now lasting more than two or three months on the market.

2. This is likely the best time to buy newly built condos: There is an incredible volume of inventory in the condo market, both from builders and original buyers. (In fact, there are so many resales that prices for newly built condos are almost at the level of what the purchase of rebuilding condos was three or four years ago.) Serious buyers of newly built condos can now see, feel and smell what’s new package, and then take their time to search for the perfect option.

For example, I had a client who had been trying to buy a preconstruction condo for the past three years. Two years ago, when Aqualina and Regalia were the only developments available in the area he wanted, we made a couple of offers on those buildings that ended up not being accepted. When I took him last year to Château Beach (where he could once again feel and see what he was going to receive) he immediately bought a unit in that project.

3. Always consider having multiple lawyers: I treat my buyers as I would like to be treated: honestly and with total transparency. Unfortunately, however, our business attracts all kinds of people, so I always, always, always recommend my clients to interview and choose two or even three attorneys to represent them in their transaction. I want them to understand exactly how they are going to buy their units, the complexities of the contracts, and everything that is included in their monthly costs.

This is particularly true of the international buyers I work with, who may not be very familiar with the real estate laws of United States. In these cases, I look for professionals in the legal field and the tax field who can speak fluently in their respective languages. I want them to understand everything that concerns their purchase, and to enter it with their eyes wide open.

4. Don’t assume salespeople are grieving or desperate:  This is a common and fatal mistake, and one I have to deal with too often. At times, press reports about the condo market in Miami can be overwhelmingly negativistic, and buyers start making overly risky moves.

While this may be an ideal market for buyers, that’s not to say it’s not hard to peel, and I’ve noticed that most sellers are coming down from the fantasy realm they were in and pricing their units more competitively. In addition, very low bids can make sellers feel really insulted, and that causes buyers to miss excellent opportunities.

5. Listen to your real estate agent, not independent websites:  I’m not the type of agent who completely downplays popular home search and value estimation websites. These services have their place, and in certain cases can be helpful in giving a rough idea of the value of a particular home.

But active realtors like me are real human beings who live in the real world and can factor in factors (market pressures, property improvements, buyer or seller motivation, and recent comparisons to neighboring homes) that these services simply have no way of knowing. In fact, when working in a single market of its kind such as that of Miami, we also have to take into account factors such as global politics, currency ups and downs, insurance problems and the reputation of developers when weighing the market value of a property.

Fountain: https://www.elnuevoherald.com/