Condo Sales on Miami Beach- What’s Happening?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The big news about Miami Beach Oceanfront Condo Real Estate is that resale inventories are down over 25% from a year ago and sales are up.

From  May 2009 to July 2010 buyers had many magnificent oceanfront condos to choose from.  During that time period, the large inventory created competition on the selling side softening prices.  That has changed.

From May 2010 to July 2011, we have seen a significant drop in inventories.  The very low priced units have been absorbed and prices have firmed up.

The following statistics are based on oceanfront condo sales in Miami Beach priced above $700,000.  Most of this data is based on the resale market but some developer units are included in this data.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The South Florida peak season, November through May, is when most of the oceanfront condo sales occur.  In 2009-2010 there were 123 reported sales of oceanfront condos during this period.  A year later In 2010-2011 there was a 39% increase in sales with reported condos sold, 204 in total.

This trend is expected to continue as inventories continue to decline and South Florida continues to attract cash buyers from around the world.
Miami Beach oceanfront condos such as Bath Club, Canyon Ranch, Caribbean, Continuum South Beach and Trump Properties in Sunny Isles all have very strong reported sales and inventory reductions.

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