search

The Real Deal Logo

Trending

Rent board’s 4% hike will “plunge” buildings into distress: landlordsRent board’s 4% hike will “plunge” buildings into distress: landlordsLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aMacerich faces “imminent” default on $300M Santa Monica Place loanMacerich faces “imminent” default on $300M Santa Monica Place loanBird Streets spec home sells for $63M — priciest LA deal this yearBird Streets spec home sells for $63M — priciest LA deal this year
South Florida

Miami before Manhattan


Prices for Miami real estate have dropped as much as 43 percent from the 2006 peak

Sign Up for the undefined Newsletter

From the New York February issue: For some Manhattan renters, buying a second home is coming before buying a first. While New York real estate has seen severe discounts (Manhattan prices are down roughly 20 percent from their peak), some New Yorkers are going to real estate markets like Miami or the Hamptons that have been burned by even deeper discounts. In the Hamptons, prices have dropped as much as 30 percent since 2006, said Barbara Weber, managing director of Nest Seekers International in the Hamptons. In Miami they have dropped as much as 43 percent, compared to the city’s historic high in 2006, according to Peter Zalewski, a broker with the Bal Harbour-based Condo Vultures Realty. “You can literally buy five condos in Miami for the price of one in New York,” said Ron Shuffield, president of EWM Realtors in Miami. New Yorkers are also taking advantage of foreclosures and short sales in the Miami-Dade area, said Alfredo Vizcarrondo, president of the AV Group in Doral, a real estate company. “In the last quarter of the year, there [was] increased interest from New Yorkers,” said Vizcarrondo. He said he recently closed on properties in Miami’s Brickell area and in Aventura for prices as low as $160,000.