Jimenez predicts Miami real estate market will continue to expand, and the upward prices will continue | Real Estate
With more than two decades of experience in the area’s real estate sector, Jose Carlos Jimenez assures that the Miami market is in an expansion stage that he does not see ending in the immediate future: “Although we are going to see fluctuations, the trend is for prices to rise in the long term.”
Islander News sat down with Jimenez to get his take on the current market.
Miami’s skyline.
IN. On what basis is this expansion based?
JCJ. There are new variables that were not seen before in the Miami market, such as the huge domestic migration, not only of new residents but also of large companies seeking to establish themselves in our city. This growth, which seems to never end, and the strong support from our leaders to make it possible, is creating an amazing urban metamorphosis.
IN. How do you see the prospects for the second part of the year? Do you think more properties can come on the market or will you continue with little supply?
A bayside luxury home in Miami Beach, Florida.
JCJ. At the end of 2022, various indicators suggested that we would see a slowdown and with it a price adjustment, however the adjustment has been minimal, and the supply has not varied much despite the rise in interest rates. Many homeowners took advantage of low interest rates and simultaneously experienced a substantial rise in property values, thus there is more liquidity and more resistance to lower prices.
Although so far in 2023 we have seen a slight increase in supply and a small reduction in prices, I do not think that the change will be significant in the coming months.
IN. The prices in houses and condominiums, won’t they go down?
An oceanfront Miami condominium building.
JCJ. I do not see indicators that support a decline. We could continue to see a slight decline in prices in certain sectors in the coming months, but this is not expected to be significant.
I think that houses in good locations have better arguments to support their values, while condominiums, because they are concentrated in smaller areas, will have to deal with the new projects that will be delivered in the next two or three years. It is important to note that there is strong demand that continues to rise and could easily absorb what some perceive to be excess supply in the near future.
IN. What would you recommend to someone who wants to invest in a property? Better to wait?
A photo of Miami beach with a focus on oceanfront highrise condos.
As an investor with many years of experience once told me, “Everything you buy today will seem very cheap tomorrow.” As a Realtor, I would advise all potential investors not to wait. It is important to carry out a thorough analysis of the market. Knowing the zones and trends is crucial to maximize profitability and growth. Focus should be on areas that show long-term stability. Following this approach it is possible to take advantage of current opportunities and obtain benefits in the long term. Good advice is key. We have found that our clients are well informed about the market and the properties they are looking to buy or sell. The level of service, the extensive knowledge of different areas of this business, the mastery of the processes, as well as the level of information and experience that we have accumulated in more than 25 years allow us to offer a differentiated service.
Jimenez is a Realtor associate at Semsch Realty. 200 Crandon Blvd., Suite 360, Key Biscayne. Cell: (305) 527-4321
