Real estate agents Jason Belisario and Ben Frisbee are committed to providing perfection and exemplary service to all of their clients. By meticulously analyzing the market, Jason and Ben continue to grow their expertise in their market by exceeding client expectations and providing exceptional living opportunities. Jason and Ben sat down with Haute Residence to discuss Edgewaters's current market trends and the top three aspects homebuyers are looking for.
What are the current real estate market trends and conditions in Edgewater?
Inventory is high. The completion of the Paraiso District puts the cherry on top in terms of over-saturating the luxury condo market in the area. It's a great time for buyers to get a deal.
At the time of writing this article, there are 939 active listings in the area ranging from $125k - $9.9M. Of the 939 active, 161 of those are priced over $1 million. Only 26 units are priced over $2M.
The problem with having 135 active units between one and two million dollars, especially in Edgewater, is that there is little to no differentiation between product types. In some cases, the products are indistinguishable from each other, which gives buyers the ability to lowball on offers and move on to the next if not accepted. There is no telling when the conditions in Edgewater’s luxury condo market will get better for sellers. If we were a buyers looking in that market, we would capitalize on this opportunity.
Overall, a significant slowdown is already upon us in this market, but will probably get worse as more luxury projects finish up in the coming years. As inventory increases, and prices continue to stay the same or inflate, the market receptiveness will slow.
What are the top 3 things luxury homebuyers look for?
- A deal. If someone can afford a luxury home, chances are they have been smart with their money thus far and aren’t looking to blow it on an impulse decision. They want something that they can call home, but also feel confident that they got in at a good price. Eventually, the buyer would like to see a proper return. Buyers have options, especially in Miami which is overrun with new luxury developments. If you are a builder or broker, options are your enemy. In today’s Miami lux market, prices are inflated and inventory is increasing. For the homebuyer, go shopping for a deal.
- A turnkey product. People willing to spend millions on a home expect nothing but the best. Those looking for second, third, or fourth homes don’t want a project or problems after they move in. That might seem obvious, but even in some new developments, there are problems that arise which turn off potential buyers.
- Location. In any real estate criteria, location is there. People want to be close to the action, especially in a city like Miami, but not too close. That is an important distinction. Traffic here is notoriously bad, and the living experience in the denser parts of Miami take a hefty toll from it. Newer areas like Edgewater see less traffic, but still are close to the best Miami has to offer.
What do you recommend to homebuyers looking to invest in Edgewater as we head into 2019?
Again, we would advise homebuyers to take advantage of slow-moving inventory in new and relatively new developments including: The Paraiso District buildings, Biscayne Beach condo, and Icon Bay condo. It has become increasingly difficult to liquidate assets in Edgewater. Given the circumstances, it is a perfect storm to leverage a great deal with incredibly motivated sellers.
Photos courtesy of Jason Belisario and Ben Frisbee
