How’s Coronavirus affecting the South Florida Real Estate Market? Your Questions Answered

How’s Coronavirus affecting the South Florida Real Estate Market? Your Questions Answered

Mar 17, 2020 March 17, 2020

A Q&A with Real Estate Broker and CondoBlackBook.com Founder Sep Niakan


With the news of the Coronavirus (COVID-19) affecting almost all of the U.S., we’re getting asked many questions about how the Coronavirus will affect the South Florida and Miami real estate markets. So, we decided to sit down with broker and CondoBlackBook.com founder Sep Niakan for an expert’s view of what’s happening.

CBB: How are clients and agents alike responding to the threat of Coronavirus (SARS-CoV-19)? 

Sep Niakan: Yes, well, clearly this is a health event we need to take seriously. However, so far, overall, most of us are still doing business, although cautiously and smartly. We have had some cancellations of showings from both the seller’s side and the buyer’s side, but we still are getting requests to see properties that we are able to make happen. Of course, we are all practicing smart prevention strategies recommended by the CDC. We aren’t shaking hands, we’re washing our hands, and keeping a “social distance,” but we’re still working.

CBB: So far, what has been the impact of the Covid-19 Coronavirus on the day-to-day real estate business?

Sep Niakan: The answer so far is we’ve definitely seen an impact, particularly related to the travel bans and restrictions, and this is to be expected. We’ve had a number of cancellations from clients, particularly Europeans, who were coming here to buy. For example, an Italian couple where the husband is here in Miami, and the wife is stuck in Italy, and they must postpone until she can travel to finish the purchase.

Another similar example is a client, a French gentleman out of New York, and he was planning an April trip to purchase a condo for business purposes for employees to use as part of a regional office, but he has postponed his visit as well until the dust settles. I think there are simply a lot of people in holding patterns, just like in any other time of uncertainty. And once the Coronavirus threat is more clear and we’ve resolved it a bit more, as it seems China has now been able to do to some extent, then we expect all of that pent up demand will come back to the table to buy or rent.

CBB: What about the stock markets and the economy?

Sep Niakan: Of course, we’ve seen the stock market suffer a lot of volatility these recent days. Oftentimes, in down markets, the longer term stability of investing in the real estate market is appealing to investors. We’ll have to wait a bit to see how this plays out. When the stock market is doing great, with the wealth effect, some people take their money out and invest in real estate. The same is true when the stock market is going badly. I am not an licensed investment advisor, but this does bring to mind that it’s always good to be diversified by having some of your money in the stocks, some in real estate, etc.

Also, we’re having a lot of people who are loving the idea of the extremely low interest rates, both to purchase and refinance. And our lending partners are seeing a lot of refinancing activity as well.


Have specific questions about the real estate market during this time?



CBB: How about with sellers? What early effects are you seeing the Coronavirus have on seller’s mindsets?

Sep Niakan: We’ve seen some sellers, who are in my opinion unnecessarily taking an overly negative viewpoint of the impact this could make, and are getting a little softer on their pricing, that they wouldn’t otherwise have to, and so that, along with the low interest rates, are presenting a great opportunity for buyers. However, my advice to sellers is don’t panic. If you don’t need to sell, hang on for a little while. If you need to sell, and it needs to be soon, then yes, consider lowering your price. Also, we’re investing in video coverage to provide buyers with more virtual options to view available real estate listings.

CBB: What’s some advice you can give to the South Florida real estate community while we ride out the Coronavirus threat?

Sep Niakan: Aside from the obvious advice to keep you and your family well, including washing your hands, social distancing, stay home if you are sick, and the like, first, if you’re ready to buy a condo or home, this is a good opportunity to get a mortgage with a great interest rate. If you’ve been in the position to buy and you can weather a few months of uncertainty, stick with your plans. As a great example, I am closing on my own primary home condo purchase this upcoming week.

Also, some people still have to move, particularly renters whose leases may be up. Again, reach out to your realtor, or call us. Don’t feel stuck or panic.

CBB: What would you say to the agent community to help support them?

Sep Niakan: We’re representatives of our city of Miami, and we should be conscious to avoid activity that will spread the virus. So be smart. Don’t show properties when you’re sick. Let’s not shake hands and kiss when greeting as we love to do in South Florida, reach out to your fellow agents to share leads and listings, if necessary. Work on any marketing campaigns or special projects, and stay in touch with your clients. And of course, this is the perfect moment to spend more time with your family and appreciate this amazing city we live in. Also, let’s avoid any unnecessary panic talk as people are impacted by our words.



Do you have specific questions about your listing or potential real estate rental or purchase during this time? Call us, and we’ll be happy to help in any way we can.




Contact Us
Founder, Condoblackbook.com & Owner/Broker, BlackBook Properties
(305) 697-7667
contact@condoblackbook.com
Request Info
By sending you agree to CondoBlackBook's Terms of Use

Your Miami Condo Awaits

Recent Posts

Introducing 501 First: Downtown Miami’s Latest Short-Term Rental Investment Opportunity
Real Estate News Introducing 501 First: Downtown Miami’s Latest Short-Term Rental Investment Opportunity
Miami is in the height of another renaissance, with more than 12 new condo building projects announced in the first six months of 2021 alone. One of these latest Miami new construction condo developments is 501 First in the heart of Downtown Miami.  Why should you know about Miami's 501 First? If you love luxury real estate in a bustling metropolis, then the upcoming 501 First condo development will be worth your attention, especially if you are looking for condo investment opportunities. Miami is one of the world’s most popular destinations, as well as an international travel hub. Condo and real estate investments that allow short-term rentals and Airbnb rentals are extremely popular in a city like Miami.  We have written a lot about Miami condos that allow short-term rentals, and 501 First is one of the latest opportunities, having just launched. In fact, the 40-story tower will have no rental restrictions, allowing for short-term rentals, daily rentals, etc., making it a lucrative...
Coconut Grove Development ‘Markers Grove Isle’ Rebrands as ‘Vita’
Real Estate News Coconut Grove Development ‘Markers Grove Isle’ Rebrands as ‘Vita’
Luxury condo development project Markers Grove Isle rebranded as Vita Residences this June, after lengthy legal issues. The rebrand is a signal the Coconut Grove condo project is moving ahead after years of being stalled, making it one of the most eagerly awaited new Miami condo development projects, and a long-awaited addition to an island where nothing has been built in several decades. Sitting on the 21-acre, private island, Vita represents boutique, luxury waterfront living on Coconut Grove’s Grove Isle – forward-thinking and unlike anything built before it. Developed by Grove Isle Associates, construction on this island property is expected to begin by early 2022. Vita Grove Isle Residences If you know anything about Grove Isle, you may be curious about the design of this mid-rise project and how it will blend with the other three towers on the island. The collection of 5-story buildings will be set hugging the island’s serene eastern shoreline in modern, curvilinear...
The Best Miami Neighborhoods: Key Biscayne vs Fisher Island
Real Estate News The Best Miami Neighborhoods: Key Biscayne vs Fisher Island
Two of Miami’s most private and exclusive neighborhoods are Key Biscayne and Fisher Island. These neighborhoods share a number of similarities, as both are affluent island communities separated from the mainland Miami Metro area. And each island is designed as a private enclave for Miami’s elite. But the two also differ in many ways, due to their locations, local lifestyle, and the communities that inhabit each location.   We’ve broken down details to compare Key Biscayne versus Fisher Island based on factors that can help you choose which of the two would be most suitable for you. Take a look. And don’t miss our other Miami neighborhood comparisons at the bottom of this article.  Lifestyle: Key Biscayne vs Fisher Island Key Biscayne is a comfortable residential neighborhood located on a small island that is connected to Mainland Miami by the Rickenbacker Causeway. Once you cross the causeway into Key Biscayne, you definitely feel the tranquility of being surrounded by water, and...
Miami Building Boom 2021: These are the 12 New Condo Development Projects Planned to Date
Real Estate News Miami Building Boom 2021: These are the 12 New Condo Development Projects Planned to Date
It’s a trend we’ve been talking about since the last quarter of 2020 - waves of buyers are contributing to one of the biggest real estate booms in Miami history. As individuals and businesses escape high tax states like New York and California, and have the freedom to work from any location, luxury condo developers in Miami are announcing new project after new project.   Miami condo developers have announced over a dozen new and relaunched condo projects since the beginning of 2021. In an attempt to appeal to a wide range of new residents, each new project aims to be taller, more luxurious, and offer the most exciting set of amenities imaginable, and could bring more than 10,000 residential units to Miami over the next few years. With the real estate market in Miami in one of its most lucrative cycles yet, here’s a look at the latest condo projects proposed in Miami since January 2021 (till the time of this post): New Miami Condo Development Projects 2021 E11even Hotel and...
Surfside vs Sunny Isles Beach: Which Miami Neighborhood is Better?
Neighborhood Comparisons Surfside vs Sunny Isles Beach: Which Miami Neighborhood is Better?
If you love coastal living with walkable access to Atlantic Ocean beaches, and you want to move to a beachfront address while bypassing the hustle and bustle of South Beach, there are two beachside communities to consider when looking to make your move: Sunny Isles Beach and Surfside.  While these communities are practically next-door neighbors (with ritzy Bal Harbour nestled between them) and they share many amenities, including direct beach access to the Atlantic. Plus, they both are in prime locations that provide quick and easy access to airports, shopping, arts and culture, and outdoor living, living there could not be more different from one another.   As insiders who’ve lived in these popular Miami neighborhoods, we’ve broken down the similarities and differences between these two beautiful seaside communities in case you are looking to move to Miami. Lifestyle: Sunny Isles Beach vs. Surfside While Sunny Isles Beach and Surfside both provide residential coastal living...
Miami Condos with Shabbat Elevators
Real Estate News Miami Condos with Shabbat Elevators
Last updated June 11, 2021. Whether you refer to it as the Sabbath, Shabbat, Shabbos, or by any other term, your religious commitment to observing a holy day of rest should not prevent you from enjoying a luxury condo lifestyle in the subtropical paradise that is Miami.  For this reason, a number of condo communities provide the convenience of a Shabbat or Sabbath elevator, which is a specially programmed elevator that stops automatically on every floor during the Jewish Sabbath, from sundown on Friday evening until sundown on Saturday of every week.  This service is provided in order to accommodate the Jewish religious law that prohibits religious observers from pushing buttons or operating machinery during the Sabbath. While Miami today is known as a particularly Jewish-friendly metropolis, Jews were not even allowed to enter Miami Beach Hotels until the late 1940s. But by the 1950s they began to lay down roots in Miami Beach and to impact the economy, politics, and social flavor...