Bellow is a graph of data that I complied from tax records for units that sold and rented in the past 3 years at Jade at Brickell Bay at 1331 Brickell Bay Drive in Miami, Florida.
You can see a 57% decline in value since November 05 while renting psf is remaining flat.
In this market, and especially in Miami, we need compare real estate values to income a property can generate. Considering that historically cost of owning has been slightly higher than cost of renting, then in regular market, a 15-20% premium over the cost of renting assuming typical financing costs will help you derive at the market value of your property adjusting for other variences.
