Miami is different from most other cities in the United States in that there is an international clientele for real estate, and Miami real estate is undervalued compared to cities like Malibu, Beverly Hills, Santa Monica and Las Vegas, as well as some of our Northeast cities such as Boston and New York, Stamford and Greenwich.
However, there is a problem. Miami Beach homes for sale are still listed too high for a significant amount of sales. Sellers still more or less ignore the value of their homes in this market and still list their properties far in excess of the market value. This is especially true for luxury homes that are listed in the Miami area.
In Miami Beach alone, including zip codes from 33139 to 33154, a total of 165 luxury waterfront homes listed for sale, each of which has a asking price of $ 2,000,000 or more. In the same postal codes over the past 12 months, a scant 32 homes on the embankment were sold for $ 2,000,000 or more.
People who want to buy real estate are waiting for the market to fall again before making a purchase, and this includes Europeans who come here this winter. They buy because everything is cheap in relation to the euro, but they don’t buy houses and villas. Homeowners who want to sell will have to face the present.
Recent statistics provided by the Miami-Dade County Realtor Association clearly indicate a depressed real estate market in the Miami area. In December 2007, a total of 1,154 single-family homes were sold in Dade County, with an average selling price of $ 305,000. In December 2006, 2818 homes were sold in Dade with an average sale price of $ 335,000. In November 2007, a total of 1,004 single-family homes were sold in Dade County, the average selling price was $ 315,000. In November 2006, 2,444 houses were sold in Dade, the average selling price of which was $ 335,000.
As for condominium sales, the results were similar. In December 2007, 1,690 condominiums were sold to Dade, the average selling price was $ 248,000. Twelve months ago, 3548 apartments were sold, the average selling price of which was $ 250,000. In November 2007, 1,415 condominiums were sold in Dade, the average selling price of which was 240,000 US dollars. In November 2006, 3,250 condominiums were sold in Dade, the average selling price of which was $ 242,950. For more information, go to Miami Real Estate or Miami Beach Real Estate.
