Riley Smith, President of The Riley Smith Group, was recently interviewed along with some other top brokers for The Miami Today newspaper regarding the Coconut Grove real estate market. It was the general consensus among all of us that inventory levels are low, prices are rising, and foreign buyers are drying up.
Here are a few important takeaways from the article:
- “We are a good 30% away from a healthy market” (in regards to inventory levels).
- “Domestic buyers have yet to fill the void left by foreign buyers whose currencies are depreciating.”
- “Homes in Coconut Grove selling for less than $1 million are trading fast.”
- “Although August is one of the market’s slower months, most realtors remain optimistic.”