By Sunny Isles Real Estate Expert on December 5th, 2012
A 2,043 sq.ft. condo at Continuum South Beach Miami
has sold for $3.275 million. That translates to $1600 per square foot, one of the highest prices ever. This year, in fact, has been a very good one all around for sales prices for condominium units in the Miami area. According to reports, the record prices have had something of an impact on prices being offered and asked for properties nearby those record-breaking properties. The Continuum unit, for instance, constituted the highest price paid to date for a two-bedroom unit in that particular property.
Record Sale Prices In Miami Beach
Continuum had another record-setting property sale this year, $25 million for a penthouse unit. According to experts, the increase in prices can have an effect on what buyers and sellers might be dealing with in terms of the pricing of nearby units.
The effect is easy to understand. When properties go under contract for such large amounts of money, people start offering and asking for more money for properties located nearby them. This has the effect of lifting up the prices in general, rather along the lines of the old saying “a rising tide lifts all boats”. That rising tide has been a characteristic of Miami real estate over the last few years.
Miami Beach Real Estate Comeback
According to multiple analysts, the Miami real estate market bottomed out years ago. The darkest days, quite simply, are long gone. Since 2009, there has been a consistent increase in the prices of properties throughout the area, including condominiums, single-family homes and other properties. The interest in these properties, to no small extent, has come from foreign investors and from people wanting to move to Miami from other parts of the world. Areas such as downtown Miami have benefited at the same time that very prestigious parts of the city, such as Miami Beach, Collins Avenue and so forth have benefited, as well.
Working the Luxury Real Estate Market
As property becomes more desirable, competition for that property inevitably gets more intense. When you’re dealing with a market where record prices are becoming almost routine, you need to make certain that you are dealing with a Miami realtor who has an in-depth knowledge of that market and who understands how you can take advantage of what it offers you and avoid the pitfalls that it puts in front of you. There are plenty of advantages and pitfalls to contend with, which is why it’s so important to be working with the right real estate professional.
The revitalization of a real estate market is always an exciting thing. Purchasing in such a market is always an exciting prospect. It’s important, however, to understand the trends that are going on in the local economy, the real estate market as it is likely to grow or contract based on the past and present and which areas of the city are the most desirable to buy into. There are many South Beach condos for sale. However, with help of good realtor you will understand all the aspects of finding a good deal.