Condominium values are down across Miami-Dade County, with slight declines in the city of Miami and steeper slides on the coast as pressure from new state rules and weaker demand takes a hit on prices, according to data released this week from the Property Appraiser’s Office.
The city of Miami boasts the largest condo market in Miami-Dade, and the values of units built before the start of 2024 dropped 1% as this year began, according to a Miami Herald analysis of the data. That’s compared to a 9% spike in values for existing condos the previous year.
Based on formulaic appraisals used to calculate tax bills, the data offers a broad look at values for nearly 390,000 condo units across Miami-Dade. While they’re just one measure of the county’s real estate market, the figures mostly show that a red-hot market for Miami condos has shifted to one where buyers have far more leverage.
Read more at: https://www.miamiherald.com/news/local/community/miami-dade/article309963700.html#storylink=cpy
