South Florida condo developers chopping prices, shifting strategies to close deals
From the March issue: South Florida’s preconstruction condo market is adjusting after a challenging year for developers and brokers. While the slowdown is sticking around, especially in Miami, agents and sellers have shifted their pricing and strategies to close deals.
Generally speaking, condos spent more time on the market and sold for reduced prices last year, according to a fourth-quarter Douglas Elliman report. Sellers also had to temper their expectations more than in the past: In the Miami Beach luxury condo market, the difference between asking and closing prices grew to 12.7 percent during the fourth quarter of 2016, up from 7.2 percent the year prior. At Faena House, for example, a unit traded for $12.5 million in January, a steep discount from its $16.5 million asking price. [more]