South Florida Condo Market
I'm thinking about investing in a 2b/b condo in Miami - plan is to rent the other bed/bath out and hold as long-term investment. There's been a huge boom in the Miami condo market the past year but there's two main concerns I have for long-term outlook in the future:
1. The relationship between condo prices and the economy. With rising inflation and risk of another economic downturn, I fear the condo market may get hit harder than SFH or MFH if there is a dip in the market.
2. New construction in MIA. With a bunch of new construction in Brickell and the design district (Native, Quadro, etc) I wonder how this will effect prices and rent in existing units in those areas or elsewhere in Miami.
Thoughts and opinions are much appreciated!