We're off to an excellent commence of the 2014's South Beach real estate market place. In 2013, property selling prices in the area decreased about 26% compared to those of 2012. For those that may not be know what district of Miami Beach is known as the world-renowned South Beach, it's starts at the most southern point of Miami Beach on 1st Street in the hot and very desired South of Fifth neighborhood also known as SoFi, north to 23rd Street. 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've consistently seen a great number of foreign clients from all over the world especially locations such as Brazilian, Italy, Russia, France to name a few, as well as an increase from local cash buyers, and have also noted that the number of bank funded purchase transactions rose tremendously from the year before. This is an excellent real-estate market confidence indicator.
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've consistently seen a great number of foreign clients from all over the world especially locations such as Brazilian, Italy, Russia, France to name a few, as well as an increase from local cash buyers, and have also noted that the number of bank funded purchase transactions rose tremendously from the year before. This is an excellent real-estate market confidence indicator.
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.. This article, Miami Beach 2014 Real Estate Market Forecast has free reprint rights.
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