Miami Beach Real Estate

According to its most recent quarterly report the National Association of Homebuilders (NAHB) stated that the supply of rental units is very tight as witnessed here in the Miami Beach area as many previous rental communities have been converted to condos. Due to these numerous conversions coupled with explosive new construction a condo glut is forming and according to the NAHB about 25% of new construction condo developers are offering price reductions by an average of 9% as 82% of developers polled said there is buyer resistance at current price levels. Approximately 75% of condo developers are offering non-price incentives such as including optional items at no cost, paying closing costs and other fees and/or absorbing financing points. Finally, 50% of the developers polled said that they were using real estate agents to help sell their units - up from only 20% a year ago.