Miami market meltdown
The housing market in Miami Beach has slumped according to a new report from Douglass Elliman and Miller Samuel Real Estate Appraisers & Consultants. The data shows that year-over-year sales in the upmarket neighborhood have dropped 21.1 per cent to just 810 properties in the first quarter of 2016.
Inventory in the same period was up by around a third and sale prices were down 7.5 per cent year-over-year to an average of $905,262; median sale prices were down 6.6 per cent to $408,750.
The report also shows that with a 21.5-month supply of properties, the days taken to sell has doubled to 97.
"The high end is softer than the broader market right now," Jonathan Miller, president and CEO of Miller Samuel told CNN. "We are coming off this unusually strong period for the high end between 2011 and 2014 and now we're seeing normalization of that segment."
The broader market also showed the decline in Miami real estate with the coastal mainland seeing a 17.5 per cent drop in sales, although some growth in prices. The exclusive Bal Harbour area saw sale prices slump 38 per cent to an average $1.02 million with sales numbers down 32 per cent.
Building products firm USG boss upbeat on housing
The CEO of building products firm USG says that he is optimistic about the US economy and the housing market. Speaking to Fortune.com James Metcalf said that most of the housing markets are “very very strong.”
Although there are pockets of weakness, the upbeat Metcalf says that there is no area that’s really slow but that some areas are “more robust than others.” He says that compared to other economies, the US is looking “solid.”
When the going gets tough, bizarre deals occur
Realtors have been revealing some of the more unusual methods that their clients will use in order to seal a real estate deal. Realtor.com reports that when faced with a competitive market, buyers can be pretty inventive when it comes to making potentially-persuasive offers.
These range from a $200 voucher from Petco offered by buyers in Beverly Hills; a year’s supply of home baked goodies from a buyer in New York; and even a woman who sold her eggs to a fertility clinic in order to finance her downpayment.