How about some recent stats about Miami real estate and the real picture of real estate in Miami. Scott Andron by Miami Herald wrote an article on March 24th, 2008 with some very accurate statistics.

Well, see for yourself, numbers don’t lie:

“South Florida home prices continued to fall in February, bringing the average price closer to affordability for the region’s home buyers.

But the number of homes sold also dropped, signaling that house-hunters are still reluctant to buy into a falling market, while sellers remain hesitant about lowering prices.

The median home in Broward sold for $307,700 in February, a 15 percent drop from a year earlier. In Miami-Dade, the median was $306,100, a 20 percent drop, according to figures released Monday by the Florida Association of Realtors.

The median is the price at which half of homes sold for more and half sold for less.

In the condo market, the Broward median fell to $139,700, a 28 percent drop. Miami-Dade was the only Florida market tracked by the Realtors in which condo prices actually increased: up 5 percent to $293,300.

The number of homes sold was down to 360 in Broward, a 28 percent drop. In Miami-Dade, the number was 244, down 41 percent.

The number of condos sold was 459 in Broward, down 18 percent; in Miami-Dade it was 235, down 46 percent.

These figures include only those sales handled by Realtors.

The slow sales are bad news for real estate agents, who earn their fees based on transactions, and for sellers, because buyers have many options.

”Obviously the numbers dont look good,” said Mike Pappas, chief executive of Miami-based Keyes Realty.

But he pointed to positive signs in falling interest rates and a growing willingness on the part of sellers to cut prices.

”I think once people see the price adjustment and the lower interest rates, they’re starting to re-enter the market,” Pappas said.

He added that the state constitution’s new property tax amendment is making it easier for families to move without losing tax breaks.

Elsewhere in the nation, the news was better: The number of homes sold rose by 2.9 percent in February to a seasonally adjusted annual rate of 5.03 million units.

The Realtors reported that the national median sales price in February fell to $195,900. That was the largest year-over-year drop on records that go back to 1999.”

As you can see the Miami Beach luxury condo market is on the rise. Now is the time to buy as interest rates are continue to drop and prices are more and more affordable for luxury ocean front condos. We offer some great deals in Acqualina Sunny Isles, Jade Beach Sunny Isles, Jade Ocean Sunny Isles, Turnberry Ocean Colony Sunny Isles Beach and One Bal Harbour.

Here is the link to the actual article: http://www.miamiherald.com/news/breaking_news/story/468309.html

Share This