Editor's Note: South Florida real estate expert Maurice Boschetti of Boschetti Realty Group joins us for a Q&A on Miami's market over the last months and going forward, and more.
Now that Summer is close to ending, what do you see as the takeaways from the last six months?
The last six months have been some of the busiest months the Miami market has ever seen. The influx of buyers from New York and California has really boomed the Miami market. Before COVID-19, I would say the market was a buyers’ market, but as the supply has dropped and demand is up, we are seeing now the sellers have the power in the market. We have seen homes selling in record speeds and prices, and homes actually increasing their price on the market whereas we are used to reducing prices.
Photo Credit: Courtesy of Boschetti Realty Group
Is there an area from which buyers are relocating to your market?
The biggest influx of buyers has to be from New York. We have seen two homes over $22M in Gables Estates going to buyers coming from New York. Gables Estates new constructions are selling in record speeds as there is not enough supply for the demand of buyers wanting to move in Gables Estates.
Photo Credit: Courtesy of Boschetti Realty Group
How has your market been doing so far this year compared to this time last year?
The market has definitely seen a jump. I have about seven properties under contract right now closing in the next month or so. At this point, I have shifted into getting more listings as to before I was more worried and focus on selling my current listings. Our marketing has been shifted to getting buyers from New York and it really has helped.
