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 were pleasantly surprised by the number of noted high and record-breaking property sales. There was a record closing almost every month of 2013 except for the month of November In the past recorded year, the quantity of condominiums available for purchase rose by around 9%. And now at the beginning of 2014, we currently have noticed an upturn in the real-estate listing prices again, as well as particularly within the extremely high-end multi-million dollar, condominium market place that is driven by there being a lack of high-end property listings available for purchase. In contrast, we predict a rise in the number of properties coming into the market place along with a rise of the asking prices.
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 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.
In 2013, we were pleasantly surprised by the number of noted high and record-breaking property sales. There was a record closing almost every month of 2013 except for the month of November In the past recorded year, the quantity of condominiums available for purchase rose by around 9%. And now at the beginning of 2014, we currently have noticed an upturn in the real-estate listing prices again, as well as particularly within the extremely high-end multi-million dollar, condominium market place that is driven by there being a lack of high-end property listings available for purchase. In contrast, we predict a rise in the number of properties coming into the market place along with a rise of the asking prices.
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 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 condominiums and residential communities in Miami Beach complete with pictures and floor plans e.g. Continuum South Beach and Venetian Islands to name a few.. Check here for free reprint license: South Beach Real Estate 2014 Market Forecast.
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