Luxury Real Estate is a Buyer’s Market

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Luxury Real Estate is a Buyer's Market

The South Florida real estate market is all about luxury. Nowhere is this more evident than Miami. From high rises in Brickell to bungalows on North Miami Beach to mansions in Virginia Garden – the name of the game is opulence.

Who can build bigger? Who can get waterfront? Who can design with the most European styles? Who can nab the most in-demand interior decorators? Who can showoff Instagram photos with the hottest celebrities lounging by their pool?

The list goes on, but the message is clear – don’t bother living in Miami unless you’re ready to spend serious money on real estate.

As surprising as it is, the luxury real estate market in South Florida is most definitely a buyer’s market.

Sellers vs. Buyers  

Real estate markets are simple enough to understand. They’re either controlled by sellers or buyers. A seller’s market is when demand is high, prices are high, and sellers get to be selective with who they sell to. A buyer’s market is when demand is low, prices are low, and buyers get to wait for their perfect property to show up.

South Florida has been a seller’s market for the last several years. In fact, given all the factors that make our home so desirable – the beaches, the nightlife, the weather, the exclusivity, the celebrities, and the great returns on investment, SoFlo real estate offers – we can expect it to be a seller’s market for a long time to come.

We live where you vacation, after all.

Things get more complicated when we move beyond the typical single family and condo market (which is actually a buyer’s market at the moment) and enter the luxury market.

Miami’s Luxury Market

The luxury market is defined as any property with a price point over $1 million. A quick Miami property search of the luxury market returns well over 800 luxury listings. That number only increases when considering Weston, Fort Lauderdale, Boca Raton, and West Palm Beach.

A combination of factors has led the Miami luxury market to be controlled by buyers. These range from the obvious (high prices) to the slightly more subtle (foreign investors hesitant to buy US property after the election of Donald Trump).

The factors aren’t all that important though when considering what a buyer’s market means to you. How do you benefit from it? Well, it’s never been better if you’re looking to  buy in Miami. If you’re looking to sell, though, you’re going to need an expert Realtor®.

The YK Group

This is where we enter the picture. The YK Group, led by Yuliya Kachko, offers an unparalleled level of service. More importantly, we offer unrivaled knowledge of the South Florida market. We’re the experts at combining extraordinary properties with extraordinary individuals.

We can help whether you’re buying or selling in Miami’s luxury market. For buyers, we have extensive networks and expert negotiating skills. For sellers, we have marketing strategies that blow the competition away. For everyone, we have a strategic partnership with Sotheby’s International Realty.

To put it another way, the YK Group is Miami real estate. Contact us today to get started.

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