Yesterday I read in USA Today an article which made me feel like finally there was someone out there who could testify and explain clearly what we, realtors, have been struggling to say for the past year.
On one side we still have these buyers looking for bargains since they hear that the US economy is bad and on the other we have sellers who couldn't care less about selling or reducing the price of their beach front property.
The bottom line, as stated in the following article is that there are two real estate markets, the one for international buyer and wealthy buyers and the other one for all the rest of the population. Miami Beach and Downtown Miami are clearly part of the first one.
What is very strange is that in the past years the two markets were moving in the same directions but now they are moving opposite ways. The high end is becoming more expensive while the low end is still struggling. Apparently this phenomenon is not only seen in real estate but other parts of the economy. For the full article in USA Today click here