Miami Beach Homes under $500,000 are selling like Mojitos g

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Miami Beach Homes under $500,000 are selling like Mojitos

Monday, August 24, 2009

In 2009, 11 Miami Beach homes have sold for under $500,000.


In addition, there are currently 9 pending Miami Beach homes sales contracts under $500,000.  


20 closed and pending Miami Beach homes sales under $500,000!


What’s so great about that?


In 2006 not one Miami Beach home sold under $500,000, in 2007, one home sold under $500,000, in 2008, two homes sold under $500,000.


5 of the closed home sales were bank-owned homes.


5 of the 11 pending Miami Beach home sales are pre-foreclosure “short sales” and 2 of the 9 pending homes are bank-owned.


Decisive buyers from around the world are scooping up their discounted piece of paradise.


These homes are spread out around Miami Beach, all south of 63rd Street.


The condition, size and location of the homes vary; some are remodeled, some are tear-downs, all of the homes are on “dry lots”, non-waterfront.


Well-positioned Miami Beach waterfront homes are selling as well.


17 Miami Beach waterfront homes have sold in 2009, the lowest closing for $1,535,000. The highest, closing for a still respectable $16,000,000 was Shaquille O’Neal’s home on Star Island.


Two of the waterfront home sales were short sales and two were bank-owned.


Bank-owned homes sell more quickly than private homes as bank sellers aren’t emotionally attached to the homes.


There is still time to get in on the action, while buyers have a variety of good deals to choose from.


Realtors in Miami Beach are collectively breathing a sigh of relief as those of us who have survived the downturn can see the stale mate between buyers and sellers may be coming to an end.


Feel free to email and a link of all of the closed sales will be sent to you.

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