Miami’s real estate market has faced notable volatility in 2024, with a slow start from January through September followed by renewed activity in recent months. This period of adjustment has created new opportunities for buyers and sellers who are willing to adapt to the market’s changing dynamics.
Nadia Carrera, a real estate specialist at Avanti Way Realty, has observed these trends firsthand while focusing on international investors. After a 20-year career in education, Carrera moved into real estate in 2012, bringing with her a practical and analytical approach shaped by her own experience as an investor. Her perspective sheds light on how Miami’s market is recalibrating after years of pandemic-driven price spikes.
From Education to Real Estate
Carrera’s shift to real estate stemmed from her active role in her own property acquisitions. “I had a realtor, very nice, but I was doing the work for her. I was searching for the properties, doing everything, going to the inspection, doing the follow-up with the title companies,” she recalls. When her husband pointed out she was essentially functioning as her own agent, Carrera decided to formalize her expertise and get licensed.
Her teaching experience now informs her real estate practice. “A lot of jobs are about sales. Even if I wasn’t selling a product, I was selling education,” she says. This sense of responsibility carries over into her current work: “When I do real estate, I do it basically the same way. People have some money. I feel responsible to take that money and put it in the best way possible.”
Market Conditions and Price Adjustments
In 2024, Miami’s real estate market has seen a significant correction. Carrera describes the first nine months as slow, with high prices and limited buyer activity, but notes meaningful improvement since October. “Suddenly October, and now November, people are buying, people are renting. Things are moving now like they used before,” she says.
A central challenge has been the wide range of listing prices for similar properties. “You will see very different numbers. One is listed for $800,000, the other one for $1 million, another one for $1.5 million,” Carrera explains, even when the units are comparable in size and amenities.
This variation highlights the gap between sellers who still expect pandemic-era prices and those willing to align with current market realities. “There’s one that is still thinking they can get what they were selling three years ago,” she says. “And there’s others that just want to move on and price at what people are actually paying right now.”
Carrera stresses that these price adjustments are not a loss of value, but a return to realistic market conditions. “People are confusing lowering the prices like, ‘Oh my God, my house is losing value.’ No, your house is not losing value. It’s adjusting. The price is adjusting to reality, to the real value, because it was inflated.”
Negotiation Strategies in a Buyer’s Market
With buyers now holding more leverage, sellers must find creative ways to make deals attractive without dragging down local property values. Instead of simply reducing asking prices, many sellers offer incentives such as covering assessments or contributing to closing costs. “Now you have to offer to pay assessments. One way is to offer the buyer $10,000, $5,000, $50,000, whatever amount for closing costs,” Carrera explains.
This strategy helps sellers avoid public price reductions that could negatively impact neighborhood comparables, while still making their listings more appealing to buyers.
International Investment Patterns
International buyers, particularly from Argentina, make up a substantial share of Miami’s investment market. Carrera estimates that foreign investors account for about 70% of investment activity. These buyers are typically cash purchasers, split between those targeting high-end properties over $800,000 and those seeking apartments under $500,000.
“There’s a lot of people that have that amount of money that they want to buy just an apartment that can be rented, and that’s it,” she says. Many invest in multiple units to preserve wealth and provide assets for their children.
Investment Challenges and Opportunities
Current conditions present both obstacles and opportunities for investors. While apartments remain popular, Carrera notes that finding properties with attractive returns has become more difficult. “Instead of having 20 options, now you find only two options. Before you had more options with very good numbers – low taxes, low HOA, and good rent. Now it’s high taxes, high HOA, and the rent has come down.”
The biggest concern for investors is not insurance or property taxes, but high HOA fees and unpredictable assessments. “HOAs and assessments, the inspections that are going to come and then it’s going to be an assessment that you never know how much is going to be,” Carrera explains. “The HOAs are absolutely, most buildings are so high. Doesn’t matter if you have pool or no pool, doesn’t matter if you live in Brickell, Sunny Isles, or Little Havana.”
Financing Challenges
Rising interest rates and tougher lending standards have made financing more challenging. Many apartments no longer qualify for low down payment programs due to reserve and insurance requirements. “Banks are looking – in order to finance, the property has to have the reserve and certain type of insurance requirements,” Carrera notes.
These barriers have led some buyers to consider taking on two mortgages to qualify, a move Carrera strongly advises against. “I’m a realtor. I’d rather not make a sale than have a family that’s working hard with their kids get into two mortgages to pay for one property,” she says.
Instead, she recommends that buyers focus on properties that generate income. “With the money you have, buy something not for you to live in. Buy something that pays for itself. So you own a property, it pays for itself, that property is going to grow in value.”
Market Education and Client Relations
Educating international clients about local market conditions is a key part of Carrera’s role. Many foreign investors are surprised by recent rental market fluctuations, especially after rents surged during the pandemic and have since moderated.
“The foreigners, they don’t understand those changes in the market. So that’s when we have to, as a realtor, explain to them, teach them, patiently, demonstrate them with numbers, with statistics,” she explains. By showing clients historical data and current trends, Carrera helps them see that even with recent declines, rental returns remain strong compared to pre-pandemic levels.
Looking Forward
For buyers considering Miami real estate, Carrera’s advice is direct: “If you have the money, it’s a good time to buy.” Increased inventory and more realistic pricing have created opportunities for buyers who are prepared and informed.
Her approach is to prioritize quality over quantity, seeking out “treasures” – properties that still offer solid returns despite today’s challenges. This focus, combined with her background in education and commitment to client understanding, has enabled Carrera to build a sustainable practice based on long-term relationships rather than quick transactions.
Miami’s current market adjustment reflects broader national trends, but the city’s continued appeal to international investors and its role as a gateway to Latin America underscore its underlying strength. For both real estate professionals and investors, success now depends on a clear understanding of market realities, realistic pricing, and working with experienced local experts.
