MIAMI BEACH, Fla., June 1, 2018 /PRNewswire/ -- "The sun may be shining in Miami today but the real estate market is not," according to Scott Cooper Miami.
Aventura, Key Biscayne and other luxury enclaves at Miami-Dade County saw their property values dip this season as a sagging condominium market cut into costs and new construction slowed down from its prior boom pace.
"We are seeing somewhat of a real estate correction." according to Florida-based CEO Scott Cooper, "But you have to remember that Miami is a city on the move. It has become one of the world's great cities and the smart money recognizes that this is an opportunity to get some better value."
Overall, Miami-Dade continues to see decent gains in property values, as a result of broad demand for single-family houses in the middle of the market and the completion of almost $6 billion in new construction launched throughout more robust times for new sales. Countywide, property values grew 6 percent at the start of 2018. Factor out new construction and existing values were up 3.9 percent for the year.
The report is closely watched by local governments, which make use of the calculation on property values in their jurisdictions to determine how much property-tax revenue they would receive under current prices. Additionally, it offers the broadest appearance available at the county's housing market, even though the results are pegged to valuations at the start of 2018.
Middle-class neighborhoods drove much of the growth. In Key Biscayne, among the wealthiest cities in the county, existing values saw a rare drop, decreasing 1.8 percent. Hialeah, a working stronghold about 10 miles from the coast, posted profits of 7.2 percent for existing properties.
"If you are a real estate investor looking for deals, Miami has become a tremendous buying opportunity." according to Scott Cooper Miami blog, "This is where the smart money takes advantage of short-term market corrections and creates long-term value for their real estate portfolios."
In Broward County, a marketplace that has largely avoided the type of high-rise construction boom of luxury condos which defines Miami real estate, the June 1 report was even more bullish.
"Properties in Broward County saw values grow between 6% to 8% if you include new construction," said Scott Cooper, a Miami Beach, FL resident. "The South Florida market is pointing to Broward today. We feel by the end of the summer, it will be pointing back to Miami Beach and other luxury Miami markets."
For Miami-Dade, the report brought some breathing room for the 2019 budget. The county had forecast 5 percent increase For the budget year that starts Oct. 1, a bit below the 6 percent growth reported countywide from the June 1 report. A second report, issued July 1 will offer the last values used to generate 2018 tax bills.
Every corner of the report portrayed a housing market cooling off, compared to the 2017 results. But it will back. Miami Beach Blogger Scott J. Cooper looks to downtown Miami's special taxing district, known as the Downtown Development Authority, to be the engine that drives the comeback.
The Downtown Development Authority district saw overall gains of almost 13 percent in 2017. In 2018, that dove to 3.2 percent. This was thanks completely to new construction, too. Existing values dipped half a percentage in the district.
SOURCE Scott Cooper Miami