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 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 property market place, specifically, solidified the recuperation of the real-estate market, coming out from what's now generally known as the great recession that commenced towards the end of '08. 2013 had its fluctuations as 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.
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 property market place, specifically, solidified the recuperation of the real-estate market, coming out from what's now generally known as the great recession that commenced towards the end of '08. 2013 had its fluctuations as 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 user friendly 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.