SUPPLY & DEMAND FOR BRICKELL REAL ESTATE

SUPPLY & DEMAND FOR BRICKELL REAL ESTATE

Christina Grate / November 1, 2017

Supply versus demand is the key component of the real estate market and Brickell real estate. Investor’s live by this concept as if it were a mandated law. Supply versus demand is a very simple concept to explain and understand. For instance, if there is a low inventory of condos, but high demand from a vast amount of buyers, then the market is “hot” and prices soar per square foot. However, if there is a large inventory of condos, but a low a demand from fewer buyers, then the market slows, as inventory peaks, and prices begin to come down in a scramble to sell more units.

Brickell Miami Real Estate Supply and Demand

Currently, Brickell real estate is seeing a surplus in units, and not enough buyers to snatch up all the units. Brickell’s skyline is ever changing, and as the skyline changes and grows, so does the market.

In late 2014, Brickell saw a great deal of preconstruction and resale units being purchased by international buyers. That demand remained steady until 2015 when buyers from struggling economies, especially in Latin America, could no longer afford such extravagant purchases.

With the increase in inventory and slowing sales, Brickell’s condo market is seeing a shift in supply. Once where there weren’t enough condos to satisfy the purchasing needs of buyers, now there are too many condos on the market. New buildings, such as Brickell House, Brickell City Centre, Nine, SLS, and Brickell Heights have opened; and, more new developments such as PanoramaBrickell Flatiron and Solitar are slated to open in the near future.

As Miami has a keen fascination with all things brand new and shiny, some of the most recently move-in ready buildings are seeing a decline in sales, while the preconstruction developments are seeing an increase in sales. These new developments are leading to the over abundance of units for sale in the area.

However, don’t be fooled thinking that you can snatch up amazing units for low prices. Units in established high-end buildings like the Santa Maria, Bristol Tower, and Asia are in high demand because of their amenities and waterfront views.

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