WATCH: Miami brokers speak out on bucking the buyer’s market
High pricing has contributed to increased days on the market for luxury properties
The Miami luxury condo market remains in a rut due in part to sellers overpricing properties, according to top residential real estate brokers.
“If you look at the market today, even though there has been an increase in prices, there is also an increase in days on the market,” said Oren Alexander, co-founder of Douglas Elliman’s The Alexander Team. “That has a lot to do with bad prices. We have to make sure sellers really understand where pricing is.”
Alexander joined Phil Gutman, president of Brown Harris Stevens Miami; Mike Pappas, president of the Keyes Company; and Ron Shuffield, president and CEO of Berkshire Hathaway HomeServices EWM Realty, for a panel discussion about “Bucking the Buyer’s Market” at The Real Deal’s 2019 Real Estate Showcase & Forum last week at Mana Wynwood. TRD’s E.B. Solomont moderated the panel.