With buyers trying to time the bottom of the Miami Beach home market, I thought I would do my own research and publish it here.
Many out of state and out of the country Miami Beach home buyers naturally get their market information from new sources like the New York Times and network news.
In addition, friends and neighbors all have their opinion on the market.
I will give you the raw data on total Miami Beach home sales, pre-foreclosure and bank owned homes.
I believe that once all of the distress homes have sold, prices will stabilize. The short sale home sales and foreclosure home sales will set the bottom of the market.
One advantage to buying a home or condo while the foreclosures are still high is that you will have a better selection of lower-priced properties. Foreclosures will be dwindling by this time next year as there aren’t as many owners defaulting on their mortgages as there were last year.
Here is a snapshot of the homes sales market in 2009. 1 in 4 homes was a pre-foreclosure or a bank-owned home.
Next, I will post the sales to date for 2010.
Market Snapshot 2009– Miami Beach Homes – South of 63rd Street
129 homes sold in 2009
Waterfront homes – 31 sold from $1,115,000 to $16,000,000
Non-waterfront homes – 98 sold from $262,000 to $2,400,000
Bank-owned homes – 21 sold
“Short sales” (pre-foreclosure) – 13 homes sold.
Highest-priced sale - 26 Star Island $16,000,000
Lowest-priced sale – 2192 Alton Road $262,000 – this one needed some TLC!
28 homes sold under $500,000
7 homes sold over $5,000,000
202 home listings expired without selling in 2009! The market has been tough on sellers who want 2005 prices for their homes.
Lowest price per square foot (sold price) - $89/square foot
Highest price per square foot – (sold price) - $1026/square foot