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
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 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'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 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'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 user friendly 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 name a few.
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