Home and condo sales in South Florida have been declining for several months, with slower price growth compared to previous periods. This trend suggests that a buyer’s market is emerging in some areas of the region, though it does not extend to the most expensive, turnkey properties.
Price reductions are becoming common across the market. Listings have seen cuts ranging from $10,000 to as much as $6 million for higher-end homes. Sellers are adjusting their expectations as properties remain on the market longer. “Make an offer, you never know what could happen,” a listing agent said after a property received a $10,000 price cut.
Buyers now have more choices and are increasingly walking away from deals. According to a Redfin report released this summer, home purchases are most likely to fall through in Texas and Florida. In July, over 21 percent of pending home sales were canceled in Fort Lauderdale—one of the highest rates among major U.S. cities—and about 17 percent of signed contracts were canceled in Miami, matching last year’s figure.
Condo buyers have even more options as sellers look to offload units amid rising costs. Many condo associations are imposing special assessments for repairs and maintenance or increasing dues to build up financial reserves. The prospect of high monthly fees or unexpected expenses is deterring some buyers.
The article also notes uncertainty about how much further prices might drop and when the market will reach its lowest point.
In residential news, Dr. Nicole Martin, formerly of “Real Housewives of Miami,” and her fiancé Anthony Lopez bought a seven-bedroom home at 33 Arvida Parkway for $34 million—a 28 percent discount from its original $47 million asking price—from real estate investor Rafael Perez.
On the commercial side, Waterton Residential sold District West Gables—a 427-unit apartment complex at 2001 and 2101 Ludlam Road/Southwest 67th Avenue in West Miami—for $111 million to Federal Capital Partners.
Pedro Adrian, founder of Adrian Homes, and his wife Adria Adrian listed their waterfront mansion on Palm Island in Miami Beach for $59 million. The property includes two lots: one with an 11,639-square-foot house purchased for $240,000 in 1984 and another lot with a tennis court acquired for $200,000 in 1986. The listing agent is Chad Carroll of Compass.
Florida public schools are experiencing declining enrollment numbers. Miami-Dade County saw a decrease of 13,000 students; Broward County dropped by about 11,000; Orange County budget planners predicted a decline of around 7,000 students. Miami-Dade County Public Schools superintendent Jose Dotres attributed these drops to fewer immigrant students entering schools, lower birth rates, and higher living costs.
