In spite of the Covid-19 pandemic and the incredibly difficult challenges the world finds itself in, there are still many great opportunities to be seized in the South Florida Real Estate market. Although numbers are significantly lower than this time last year, over 4,000 transactions occur in April.

Luxury new development construction properties such as The Ritz Carlton Residences Sunny Isles are still going strong and have led to over 85 closings in the last month since getting the TCO in March. This was enabled by the high deposits already invested in and clients’ optimistic outlook for the year ahead. The high end development market has a shortage of inventory in Miami hence presenting less options for new buyers to choose from. This situation will support a positive absorption rate for the end of the second cycle.

Top anaylists in the market such as Fernando De Nunez, VP of OneSir Sotheby's believe that the best deals—across all asset classes—will present themselves in early June as sellers may experience a higher sense of urgency.

Single family homes continue to be strong fueled by as a growing demand from end-users, the constant migration wave from other states and countries to Miami, and very favorable interest rates.

As the world adjusts to Covid-19 and social distancing policies, real estate has followed suit and transformed into a more virtual industry through the use of Zoom meetings and videos taken to showcase properties/ investments due to the current situation.

Remember, every down moment opens new doors of opportunities for those who recognize it.

Stay safe !

Peter Green
Real Estate Expert
Fortune International Realty | Group
WhatsAp: +1.305.815.9595
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