Top 5 Lies You Might Hear About Miami Real Estate

November 28, 2016

Not everything you hear about Miami Real Estate is true. Often, you’ll hear something and it seems reasonable, but it’s simply a lie. Some of the lies are meant to make you feel good about the market or used to sell you on something. However, the truth is important and part of the truth about the real estate market in Miami is understanding the most common lies.

Our Condos are the Best

Developers often try to tell buyers their condos are the best you’ll find in the entire area. However, they may not be selling a long-term solution. Often, these condos are based on trends, a branded name or something else that won’t hold up for many years.

While this doesn’t make the condo bad, it could make it sell for a higher price than necessary. Other buildings may offer the same features and amenities at a lower price without the brand name or specific trend.

It’s best to avoid looking for the tallest building or one created by a certain name. Instead, the core of the project needs to be good, which includes the floor plans, architecture and location. The rest is just a bonus and won’t make as much of a difference when it comes time to sell.

The Newspapers are Telling the Truth about the Market

When it comes to the information about the Miami real estate market in the newspapers, it’s not something you can really trust. They may say the market is going up, sideways, down or staying the same, but that doesn’t make it true. Many new channels use very general information made for the masses to easily grasp.

The real estate market is more complicated than just a few stats used to say the city’s market is going up or down. It’s important to look at far more and most people would be very bored if the newspapers printed the facts, so they make it a bit more glamorized for readers.

It’s easy to see if the papers are putting out good info or not. Just look at the author and the quotes in the article. If the author doesn’t sell real estate, live in Miami or have some type of degree in economics, their information probably isn’t the truth about the market.

Everyone Wants a Luxury Condo in Miami Beach

It used to be true; buyers wanted a condo in Miami Beach to use as a second home or vacation home. However, this truth has become a lie because many are relocating to Miami permanently. In addition, not all buyers are focused solely on the beach. However, Miami often gets sold as just the beach, nightlife and sexy celebrities.

The Floor Plans and Current Renderings Will be the Finished Product

Preconstruction condos always come with floor plans and renderings that will rarely, if ever, represent the actual finished product. Some condo projects end up completely different and while a building may promise a specific view, it may end up without one.

Condo buildings are replaced all the time. It’s important to be aware of more than just the view you might end up with. What if another building is put up and takes away from that view or blocks it completely? Will you still be happy with you purchase?

It’s also important to understand what a marketing floor plan is and what the floor plan that comes with your contract is or you may end up as a furious buyer. While you may be sold due to the marketing floor plan, the one included with your contract will show a more likely representation of what you will actually be getting.

A Celebrities Name is on it, so it will be Successful

Celebrities put their names on things all the time. Just because a celebrity name appears on the building or they will own a unit doesn’t mean it’s going to be a successful project.

Sometimes, the name makes a hue different and the condos sell like crazy. However, there are also times when the projects with big names on them are not high quality condos. The track record of the developer matters more than the name associated with it.

Make sure you choose projects with a heavily involved developer and a good reputation. This will go much further to ensure the project will be a success than choosing a building based on a celebrity name.

Related: Watch Out for These Agent Tricks When Selling a Home

Not everything you hear about the Miami real estate market is true. These are just a few of the common lies you may encounter. Hiring a trusted local agent will ensure you don’t have to deal with the lies and you will be able to rest easy knowing you’re agent cares about you and not just the commission.