2012 Oceanfront Condo Boom In South Florida- Yes, Boom !

We receive calls from all over the world inquiring about oceanfront condominiums in South Florida.  Buyers  contact us for premier oceanfront condominiums in Miami Beach, Bal Harbour, Sunny Isles, Hallandale/Hollywood, Fort Lauderdale and Boca Raton.  In those specific areas, the trend is consistent.

It is understandable that buyers are coming to town with a perspective on the housing market that they read in the press.  The information out there does not impress enough about the incredible “condo boom”.  Yes, I used the words that we haven’t heard since 2005.  Prices are up and inventories are way down.   There are articles written about how the market is “starting to improve” but you have to be in the market to really understand the anomaly of the oceanfront condo market.

When negotiating an offer for real estate of course we analyze the recent closed sales.  However, in this incredibly fast paced market that is not the whole picture.  Recently I was working with a buyer and there was a  recent closed sales reported in the same line a comparable unit for $100,000 less than current asking price.  That particular situation was a short sale that had an 18 month administrative nightmare to close. There were mitigating circumstances to that sale.   The other factor that has to be considered is that at this point in time, the inventories have changed.  If a specific condominium  is the only one on the market today, and the seller is turning away offers unless the offer is close to asking price,  it is what it is.  The condominiums that have great views, good spaces and in good buildings are selling.

Prices are still below the high’s of 2005 but they are no longer at the low’s of 2008.  Prices are moving up and there is plenty of data to support that.  This is the market today.  Buyers that we work with that are ultimately going to be end users  adjust and understand the market today.

South Florida oceanfront condominiums from South Beach to Palm Beach…. the boom of 2012 !

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