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.

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“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.