Thinking about Investing or purchasing? Some neighborhoods in South Florida might be for you

Now might be the best time to make a great property investment in Coral Gables, South Miami and The Miami River District

After a slow-moving market in 2017 in which sellers held firm to their prices and there was overabundance of luxury properties, it appears 2018 is shaping up to be the perfect year to buy luxury in South Florida neighborhoods like Coral Gables. South Miami and The Miami River District.
Time to invest in property in Coral Gables
This is due to several factors, such as: price reductions, lack of new construction, a favorable tax environment, and an aging population that is looking for luxury retirement. All of this sets up what experts deem a “perfect storm” for the South Florida luxury real estate market.

Significant Price Reductions are Probable

Since developers and sellers held firm to their prices in 2015 and 2016 it left them with a large supply of properties to sell off. This is beneficial to the buyer because many are now offering 10-20 percent price reductions to help move their oversupply along quickly. The current tax reform bill will also help to move the inventory along as people may be looking at a relocation to the income-tax free Sunshine state. Once this oversupply is absorbed it is likely the price incentives will no longer be offered and competition, as well as prices, may increase. So, if you’re thinking about luxury real estate, now is probably your best time to move.

Focus on Long Term appreciation

As a buyer you should be focusing on the overall value of the property not on finding the cheapest deal. Cheap doesn’t always mean a good deal. Try to go into the process with an open mind and a focus on long-term appreciation rather than what’s a good deal right now. Don’t overlook resale units or single-family homes. Start with the areas of South Florida with the most oversupply of inventory that needs to be absorbed, such as Miami’s downtown Brickell area. Experts suggest finding the deal that makes the most sense for you and your money. You should always look for the property that best fits with your needs and desires.