We're off to a great start off for the 2014 Miami Beach real estate market. Throughout 2013, property and home prices in this market decreased by approximately 26% compared to 2012. For those who are that is probably not informed about the precise spot on Miami Beach that's South Beach. It is from 1st street in the very coveted south fifth neighborhood to 23rd street of Miami Beach. I:2:J
In 2013, we discovered numerous remarkable record-breaking property and home sales almost on a monthly basis except for November. In the past 52 weeks, the number of condos and homes available for purchase rose by about approximately 9%. Since the beginning of 2014, we have now observed a rise in the real estate property listing prices once again, and particularly within the very high-end luxury condominium marketplace which is powered via the lack of high-end property listings. On the other hand, We forecast an organic surge of properties coming into the sales market and a rise of asking prices as well.
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 South Beach Real estate market, solidified the real-estate recovery from what is now known as the Great Recession that started at the end of 2008. It had its ups and downs like 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 discovered numerous remarkable record-breaking property and home sales almost on a monthly basis except for November. In the past 52 weeks, the number of condos and homes available for purchase rose by about approximately 9%. Since the beginning of 2014, we have now observed a rise in the real estate property listing prices once again, and particularly within the very high-end luxury condominium marketplace which is powered via the lack of high-end property listings. On the other hand, We forecast an organic surge of properties coming into the sales market and a rise of asking prices as well.
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 South Beach Real estate market, solidified the real-estate recovery from what is now known as the Great Recession that started at the end of 2008. It had its ups and downs like 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 to name a few.
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