Market

Miami Beach real estate market has been going through a lot on the last few years, reaching a bottom in the middle of 2010 and since then stabilizing  and gaining  ground as the short sales and REOs started selling faster and faster and new distressed listings coming to the market in smaller numbers, comparing to a couples of years back.  If a distressed property was taking an average of 2-3 months back in 2010 to sell, now depending on their price range, they take weeks and sometimes just  days. On the sub-100 k market, I see listings getting offers in just hours, going into a multiple offers environment and the bank requesting highest and best offers from all bidders . As a result, very often  Miami Beach properties  are closing above listing price. Demand for Miami Beach  condos  and homes from other states is stronger and  the foreign buyers  interest   for Miami properties  has never been higher .Their currency is a lot stronger  than it used to be against the dollar and Miami Beach real estate is now  cheaper than their original country.

Real Estate is local in nature so before getting ready to search for your property in Miami Beach  condos and houses , I suggest you focus on reading only news that are relevant to this area or you will get very frustrated low balling and living empty handed .  Non related news like “the amount of new residence sales”, “closed sales in Tampa Bay” are completely irrelevant since there is no new construction here for years and Tampa Bay is different market.

Opportunity  is  when you take advantage of the moment, anticipating the next cycle. Existing home sales increased 3 percent in May with a total of 17,228 homes sold statewide compared to 16,790 homes sold in May 2010, according to Florida Realtors. Statewide sales of existing condos last month rose 17 percent compared to the year-ago sales figure. May’s statewide existing home median price was about 2.9 percent higher than it was in April. Analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.

Buy now and buy better.  Contact me and let me know how I may assist you in finding your Miami Beach condo or house. You may also search yourself by clicking here.