Today, I really wanted to do a quick chat and discuss a very important note to consider when reading any real estate report: While some of the reports I do share an overall view of the market, trends can highly vary and depend on many different variables. One perfect example is the difference in price per SF and sales activity I often report among the different buildings in the area. They’re both in the same city and location, why is one selling for more than the other one?
Below is a list of some of the many variables that are important to note in any chart or data:
- Price Range: This one is self explanatory. Supply and demand will always vary in any market that has different price ranges. One perfect example is how, while the current luxury market in Downtown currently has a lot of supply, the middle and bottom end of the market is still very strong.
- Location: To the rest of the world, we’re known only as Miami. But anyone that knows our city knows that each neighborhood and area has its own flavors and roots. Places such as Coral Gables and the urban core, although only minutes away (unless there’s traffic) from one another, cannot be more different than the other. Subsequently, if we were to only refer to my main market (Downtown Miami), I usually remind my readers as well as clients that each building, price point, and neighborhood is different from the other.
- Product Type: This one in particular is very important. Certain reports, such as the ones you can find about the “overall market”, will include trends on all different types of residential purchases. One of my condo reports, for instance, wouldn’t include single family homes in The Roads, even though some consider The Roads to be a part of Downtown.
In order to ensure as much accuracy as possible in any specific real estate search, please keep these suggestions in mind. Markets, not just in Miami but anywhere, are and always will be local in nature.
Downtown Miami real estate is our specialty! Our in-depth knowledge of the market and commitment to superior service have been our key to helping others with their goals. Contact The Miami Observer’s author, Marcelo Steinmander today at 305-305-3885 or send him a message here if you’re looking to buy or sell in the area.