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
Sep Niakan
Broker / Team Lead
Request Info
By sending you agree to CondoBlackBook's Terms of Use

Your Miami Condo Awaits

Recent Posts

January 2025: Fort Lauderdale and Palm Beach Pre-Construction Condo News Update
Real Estate News January 2025: Fort Lauderdale and Palm Beach Pre-Construction Condo News Update
Bringing premium developments to two of South Florida’s high-demand neighborhoods, Canadian developer Claridge Homes launched sales for two distinct condo projects this January. While the upscale 3000 Waterside will deliver 129 luxury residences in the heart of Fort Lauderdale, the boutique Ocean580 will deliver 17 sprawling waterfront homes in Pompano Beach. Also this month, The Whitfield Las Olas received approval to build condos as part of its hotel project. BGI and Blue Road proposed the waterfront Alba Reserve in West Palm Beach. And New York’s Arosa proposed building Fort Lauderdale’s tallest condo tower to date. Read on for details on these and other updates in our January 2025 pre-construction condo market round-up for Fort Lauderdale and Palm Beach: — January 2025 – Fort Lauderdale Condo Pre-Construction Market News at a Glance Sales Launched 3000 Waterside – Fort Lauderdale Ocean580 – Pompano Beach Topped Off Oasis (West Tower) – Hallandale...
Watch: Insider Pro Tips on How to Achieve Airbnb Success in Miami
Video Blog Watch: Insider Pro Tips on How to Achieve Airbnb Success in Miami
Investing in an Airbnb property can be an excellent way to diversify your portfolio. Given that Miami is one of the most visited cities in the U.S. for its stunning beaches and vibrant culture, it’s no surprise that it also has a thriving Airbnb market. Now that you’re thinking about investing in a short-term rental condo in Miami, the next important question would be: how can you maximize your success in this competitive market? In our latest video, we talk about how to become a successful Airbnb host with our in-house investment specialist and short-term rental condo expert, Richard Ostertag. He sits down with Sep Niakan, veteran Miami real estate agent and Founding Broker of Blackbook Properties plus condoblackbook.com, to share his top tips on how he’s helped countless clients build rewarding Airbnb businesses. Don’t miss the opportunity to watch the video and absorb our expert advice: Hosting an Airbnb in a vibrant city like Miami can be both fulfilling and rewarding....
Edgewater Miami Development Guide: New Condo Projects
Preconstruction Edgewater Miami Development Guide: New Condo Projects
If you’ve taken a walk around Edgewater lately, or followed the news, you’ll know that our favorite bayfront neighborhood in Miami has become a hotbed of construction activity. Driven by strong market demand for luxury condos, and prime central bayfront location in Miami, more developers are adding to the spectacular lineup of new construction in Edgewater, Miami.  And it’s obvious why – its beautiful bayfront location, centered around the 8-acre Margaret Pace Park with tennis, basketball and volleyball courts, a dog park, plus a marina, a family-friendly environment, centrality to every major neighborhood in the city like Wynwood, the Design District, and Downtown, plus a short scenic drive to South Beach – all make Edgewater highly desirable. Once barely a neighborhood anyone would talk about fifteen years ago, Edgewater has cemented itself as a top choice for luxury high-rise living in Miami.  So here’s a look at all of the latest condo projects in development for this lovely...
Top 5 Can’t-Miss Events in Miami in February 2025
Lifestyle Top 5 Can’t-Miss Events in Miami in February 2025
February is undoubtedly one of the best times of year to visit Miami. The weather is delightfully perfect, with temperatures ranging between 64°F (18°C) and 78°F (26°C). These mild and sunny days are perfect to enjoy beach outings, sightseeing, and outdoor activities – a wonderful escape from the cold winters and snow in most other parts of the country. (There’s a reason Florida snowbirds are called snowbirds, after all!) Miami also tends to have fewer crowds in February compared to the peak tourist seasons of winter and spring break. This means you'll find more space to relax on the beaches, shorter lines at popular attractions, and a more peaceful atmosphere overall to create lasting memories.  Another highlight of visiting Miami this time of year is the fantastic lineup of events. There’s something for everyone, from chefs kiss food festivals to Instagram-worthy art shows, cultural experiences, sports entertainment, and romantic getaways.  Without further ado, here’s our pick...
December 2024: Miami New Development and Pre-Construction Condo Update
Real Estate News December 2024: Miami New Development and Pre-Construction Condo Update
With its lush scenery and tranquil waterfront location, it was only a matter of time before Coconut Grove would attract developers' attention in Miami. As demand continues for luxury housing in the city, developers announced two new condominium projects for this tropical neighborhood: The Lincoln and The Well. While the former will make a statement with its sophisticated, plus-den residences, the latter marks the second partnership of the internationally renowned wellness brand in Miami. Also, this December, Edgewater’s most luxurious project to date, the Villa Miami, broke ground. The Rider at Wynwood set a new record with its latest sale. And, Elle Residences released more detailed renderings of its retro glam amenity spaces. Read on to find out which author/speaker purchased a penthouse in the 100-story Waldorf Astoria, along with other exciting updates in our monthly Miami condo pre-construction news roundup for December 2024: — December 2024 – Miami Condo Pre-Construction...