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
We saw numerous noteworthy record-breaking property sales almost every month of 2013 except in November. In the past 12 months, the number of properties listed for sale rose by approximately 9%. As 2014 kicks off, we have observed a rise in the real estate prices again, especially in the ultra-luxury condo market which is being driven by the lack of high-end inventory. However, I forecast we may see a surge of homes and condos hitting the market and a rise in asking prices.
Throughout 2013, the average asking price was approximately $1, 250 a sq . foot, and the average sales price was at around $925 a sq . foot. Some home-owners seem to be increasing their list prices whilst noted property closed sales prices dropped. And also as a result, we have listings staying on the sales market for a somewhat lengthier time and property owners getting contracts which they may perceive while below market value.
The 2013 Miami Beach housing market place, set the comeback of the real-estate industry, coming out of the great economic downturn that is today famously referred to as the "Great Recession" that started in the fourth quarter of 2008. 2013 experienced real estate movement both up and down and expected with any healthy real estate market.
We are still seeing quite a few worldwide buyers coming from countries, including Brazilian, Italy, Russia, Italy and still a great number of cash buyers, nevertheless, in addition have recorded a substantial number of traditional bank borrowed transactions from the preceding 12 months. This is an encouraging barometer of the level of confidence in the Miami Beach housing market.
We saw numerous noteworthy record-breaking property sales almost every month of 2013 except in November. In the past 12 months, the number of properties listed for sale rose by approximately 9%. As 2014 kicks off, we have observed a rise in the real estate prices again, especially in the ultra-luxury condo market which is being driven by the lack of high-end inventory. However, I forecast we may see a surge of homes and condos hitting the market and a rise in asking prices.
Throughout 2013, the average asking price was approximately $1, 250 a sq . foot, and the average sales price was at around $925 a sq . foot. Some home-owners seem to be increasing their list prices whilst noted property closed sales prices dropped. And also as a result, we have listings staying on the sales market for a somewhat lengthier time and property owners getting contracts which they may perceive while below market value.
The 2013 Miami Beach housing market place, set the comeback of the real-estate industry, coming out of the great economic downturn that is today famously referred to as the "Great Recession" that started in the fourth quarter of 2008. 2013 experienced real estate movement both up and down and expected with any healthy real estate market.
We are still seeing quite a few worldwide buyers coming from countries, including Brazilian, Italy, Russia, Italy and still a great number of cash buyers, nevertheless, in addition have recorded a substantial number of traditional bank borrowed transactions from the preceding 12 months. This is an encouraging barometer of the level of confidence in the Miami Beach housing market.
About the Author:
David Nguah, has been selling real estate in Miami for over 15 years and has websites dedicated specific to the sought-after luxury condo buildings and residential communities in Miami Beach complete with pictures and floor plans e.g. Continuum South Beach and Venetian Islands to mention a few.. Unique version for reprint here: South Beach Real Estate 2014 Market Forecast.
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