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But sales across Miami-Dade have actually increased month over month, with 465 single-family homes (up 4.5 per cent) and 557 condos (up 14.1 per cent) closed during the period of March 1-18.
And Miami-Dade may be in better shape to sustain a downturn now than a decade ago. A March 2020 report by Clever, an online real estate service, indicates that only 5.3% of homes in Miami-Dade are worth less than their mortgage value, versus 47% in 2010, as the Great Recession was nearing its end. Nationwide, 9% of homes are now worth less than their mortgage value.
“The only thing that has really been disruptive to our industry is that customers are not out in the numbers that they usually are,” Shuffield said. “[His firm has] had one sale close and three under contract over the last two weeks, all in the $9 million-plus range.
“Some people have said they prefer to take their property off the market during this period. I expect our sales velocity will slow down. But the underlying factor of what is happening today is different from the recession. We’re living through a health crisis, but Real Estate News we’re on solid financial footing.”
CHANGING THE RULES
The virus outbreak has forced industry veterans to rethink their traditional approach to their work. Following Miami-Dade Mayor Carlos Gimenez’s order to shut down all non-essential businesses on Thursday, most real estate brokerage firms will conduct work remotely. Some will remain open to fulfil legal and financial duties related to their clients.
Open houses — one of the most valuable tools in selling Apress Release Distribution Services Real Estate News
property — have also been nixed.
Alicia Cervera Lamadrid, managing partner and principal of Cervera Real Estate, said that as of Wednesday, March 18, condo associations have been making it difficult to show units in their respective buildings, regardless of whether the client is renting or buying.
“They’re shutting down access to people who don’t live in the building,” she said. “Only caretakers and essential people can go inside, which makes it harder. That is becoming more common.”
Although there is no data that tracks apartment and condo rentals in real-time in Miami-Dade, Cervera said she expects the number of leases to dip at existing buildings. New apartment buildings will be exempt.
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