Top Realtor Ashley Cusack Team has issued a report on the impact that surging sales is having on home inventory in Miami, Coconut Grove and Coral Gables Luxury and Waterfront Homes.
Top Miami, Coconut Grove and Coral Gables Luxury Home Realtor, Ashley Cusack, released a report that evaluates the impact that shrinking inventory is having on the hot Miami real estate market.
For more information about Ashley Cusack you should view: https://ashleycusack.com/
Cusack and her team are highly experienced real estate professionals who represent both sellers and buyers in Coral Gables, Coconut Grove, Miami Beach, Gables Estates, Pinecrest, South Miami and Ponce Davis.
A recently released Q1 2021 report from Berkshire Hathaway Home Services, EWM Realty, discusses the impact that the pandemic has had on the South Florida market, as well as likely future trends. Many of the key points made by this report are included below for your review.
The residential real estate buying and selling process went completely virtual at the very beginning of the pandemic. Everything -- from listings, to showings, to offers, to selling, to financing, to closing -- became a virtual experience, which was clearly a success given the soaring market continuing in South Florida.
Facebook and Instagram Live home video tours were born out of the pandemic -- and are continuing to be offered today. The video quality of the tours, coupled with 3-D photography floor plans, has provided buyers (and brokers) the ability to 'tour' more properties in the same or less time as the more traditional in-person tours. These new methods are definitely here to stay post-COVID.
With the vaccine deliveries rapidly moving within the population, it is expected that international travelers and second-home owners will be returning to South Florida and other key urban centers across the US.
For almost five decades, the South Florida real estate market has been a magnet for international visitors to establish residences throughout its many communities. The strengthening of the US Dollar against most South American currencies since the recession of 2008 has made it more challenging for several of the former largest South American buying regions to purchase homes in the US.
While buyers from Venezuela, Brazil and Argentina comprised the top three international buying groups for several years, sales to residents of those countries have fallen dramatically in recent years.
Covid has certainly played a huge role over this past year in slowing sales to the international population, but it’s expected that buyers from international markets, particularly from South America, will return once the vaccine has reached greater numbers and the threat of COVID subsides.
In the meantime, US domestic buyers motivated by the pandemic and the ability to work remotely, will continue to be a significant factor in creating new demand for housing of all types in Miami and surrounding communities.
Areas in the South and South East, such as Florida and Texas, have seen a huge migration from heavily populated urban centers like New York City and San Francisco, to more suburban and rural environments. With the daily commute seemingly a thing of the past, and workers having flexibility to work from home some of the time, the distance between home and work is no longer a material factor.
In South Florida, with its lack of land, the pandemic created a flight to single-family homes, at all price points. For example, by mid-March 2021, the overall inventory of single-family homes under $1 million in Miami-Dade had shrunk to 1.9 months of supply, versus 5.0 months of inventory at the same time in 2020, just before the pandemic. For the same periods, the months of supply for homes in excess of $1 million fell from 22.1 months to 5.1 months.
The interest in single-family homes throughout 2021 is expected to remain strong at all price points. The challenge for the market will be to continue maintaining sufficient inventory to keep a check on double-digit elevating prices.
Buyers continue to come to South Florida in droves, and they are not looking for small properties. Rather, they want big spaces, luxury, and amenities. South Florida offers all of that, but with the recent influx in demand, there has been significant pressure on inventory.
Fortunately, developers have recognized the market’s need for space and luxury and are breaking ground on several new developments in Coconut Grove, Miami Beach, Downtown Miami, and beyond.
“I am particularly thrilled by Mr. C Residences in Coconut Grove, where many buyers are purchasing multiple units in the 20-story condo tower and combining them to up their square footage.” said Ashley Cusack. The project launched sales in the first quarter of last year with 118 units, and 60% percent of the condos have now been sold. Most of the new combined units are in the $2 million to $3 million range.
Another new development is The Villa Collection at the Ritz-Carlton Residences on Miami Beach, which is comprised of 15 two-story single-family homes, eight of which come with private boat dockage. These range from 3,200 to 4,600 square feet with three-to-five-bedroom floorplans. The starting price is $4,375,000 - in this market for a single-family home with dockage and ocean access, plus the amenities of a Ritz Carlton residence, Ashley Cusack views this as “a very good deal!”
Ashley Cusack was recently featured in the January 2021 Florida edition of Top Agent Magazine, as described in the news article which can be viewed here.
Cusack has sold over $1 billion in residential real estate sales in her almost 30-year career with a business that is sourced from repeat customers and referrals due to her name recognition and proven sales success.
Cusack has consistently been in the top ½ of 1 percent of Realtors nationwide, and in the top 5 of 800 agents at Berkshire Hathaway HomeServices EWM Realty - an accomplishment spanning the past 15 years. Cusack has also been recognized as the area’s top residential Realtor by the Miami-Dade Chamber of Commerce, Miami Agent Magazine and The Real Deal
For more information visit the Ashley Cusack Team you should visit her website at: https://ashleycusack.com.
