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
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.
In 2013, the noted medium listing price was around $1, 300 per square foot, even though the medium closing prices were at around $925 per square foot. Many property owners seem to be maximizing on their current list prices. However, recent property sales numbers seem to fall a little short. Because of this, we've got listed properties sitting in the market for an extended period of time and owners getting purchase contracts they may well perceive as under-value.
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 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.
In 2013, the noted medium listing price was around $1, 300 per square foot, even though the medium closing prices were at around $925 per square foot. Many property owners seem to be maximizing on their current list prices. However, recent property sales numbers seem to fall a little short. Because of this, we've got listed properties sitting in the market for an extended period of time and owners getting purchase contracts they may well perceive as under-value.
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 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 devoted solely 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 South Beach to mention a few.
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