First It Was The Ellen Show, Then Miami
It’s never fun pointing out the struggles of other markets. It’s especially frustrating to see iconic cities, such as Miami, go through such events. But that’s the real estate game, as players, we can’t always blame ourselves. We know the game changes.
While it sucks to say it, Miami is in trouble. So is Manhattan though. It’s crazy.
What’s Going On?
One of the worst things a niche market can experience is the combo of ‘inventory surplus’ and ‘low demand’. Unfortunately, Miami not only built too many luxury high rise condos, the demand for Miami, as well as other urban markets, are way down.
Yes, COVID-19 plays a major role, but why aren’t other markets, such as the Phoenix luxury real estate market having issues and/or in some cases booming?
To find out…
Check out our post Pandemics, Protests, & Politics | Americans Ditch Urban For Suburban