Sellers who refuse to negotiate on price generally have a tougher time in today’s South Beach real estate market than another seller who chooses to compromise. Buyers may not be out in droves but those that are—particularly those that are buying a home for the first time or are looking for a vacation condo—are usually ignoring the sticker price. Hence, compromise has become virtually necessary to a seller’s success.
Anyone who is even vaguely familiar with the South Beach real estate market probably knows that condos tend to generally outnumber any kind of property and since the location is a favorite, many outsiders often begin their vacation condo search in South Beach as well as other popular areas like Fort Lauderdale and Palm Beach. Recent numbers also show that in several cases where South Beach condos are being purchased for use as a second and/or vacation residence, buyers are negotiating prices that are well below what the seller was originally asking for.
Assuming you’re in the market for vacation condos in South Beach and have never embarked on such a purchase before, it may be to your benefit to stick to doing business with condo resellers than developers. Chances are you’ll be able to get a better deal on a unit but do remember that the deal does not guarantee that tomorrow, the price could have gone lower due to fluctuating values.