We are off to a great start for the 2014 South Beach real estate market. In 2013, property selling prices in this area were down approximately 26% over 2012. For those of you that may not be familiar with the exact area that is South Beach, it is from 1st street in the coveted South Fifth neighborhood, to 23rd Street on Miami Beach. I:2:J
In 2013, we were pleasantly surprised by the number of noted high and record-breaking property sales. There was a record closing almost every month of 2013 except for the month of November In the past recorded year, the quantity of condominiums available for purchase rose by around 9%. And now at the beginning of 2014, we currently have noticed an upturn in the real-estate listing prices again, as well as particularly within the extremely high-end multi-million dollar, condominium market place that is driven by there being a lack of high-end property listings available for purchase. In contrast, we predict a rise in the number of properties coming into the market place along with a rise of the asking prices.
In 2013, the median asking price was $1,250 per square foot, whilst the median sales price was $925 per square foot. While most sellers seem to be raising their asking prices, the recorded property sales prices have fallen. And because of this, we have properties sitting in the market a little longer and homeowners receiving offers that they may perceive as low.
The 2013 Miami Beach property market place, specifically, solidified the recuperation of the real-estate market, coming out from what's now generally known as the great recession that commenced towards the end of '08. 2013 had its fluctuations as with any healthy real estate market.
We have continued to see a large number of international buyers from countries such as Brazil, Italy, Russia, France and a large number of domestic all cash buyers, but have also noticed a much higher number of bank financed transactions from the prior year. This is a great indicator of confidence in Miami Beaches condominium and single family residential market.
In 2013, we were pleasantly surprised by the number of noted high and record-breaking property sales. There was a record closing almost every month of 2013 except for the month of November In the past recorded year, the quantity of condominiums available for purchase rose by around 9%. And now at the beginning of 2014, we currently have noticed an upturn in the real-estate listing prices again, as well as particularly within the extremely high-end multi-million dollar, condominium market place that is driven by there being a lack of high-end property listings available for purchase. In contrast, we predict a rise in the number of properties coming into the market place along with a rise of the asking prices.
In 2013, the median asking price was $1,250 per square foot, whilst the median sales price was $925 per square foot. While most sellers seem to be raising their asking prices, the recorded property sales prices have fallen. And because of this, we have properties sitting in the market a little longer and homeowners receiving offers that they may perceive as low.
The 2013 Miami Beach property market place, specifically, solidified the recuperation of the real-estate market, coming out from what's now generally known as the great recession that commenced towards the end of '08. 2013 had its fluctuations as with any healthy real estate market.
We have continued to see a large number of international buyers from countries such as Brazil, Italy, Russia, France and a large number of domestic all cash buyers, but have also noticed a much higher number of bank financed transactions from the prior year. This is a great indicator of confidence in Miami Beaches condominium and single family residential market.
About the Author:
David Nguah, has been selling real estate in Miami for over 15 years and has websites devoted solely to the sought-after luxury condo buildings and residential communities in Miami Beach complete with images and unit layouts e.g. Continuum South Beach and Venetian Islands South Beach to name a few.
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