Assuming you’ve followed the Miami Beach real estate market and its activity to some small degree, you’re perhaps well aware of the vast condominium inventory available, many of which are brand new units that have yet to be lived in. What you may not be aware of is the price tag attached to these units.
Per a recent market report, it’s been revealed that over two thirds of the thousands of condominiums (Miami Beach condos included) in South Florida actually carry a resale asking price of no more than $250,000 or less. That’s quite an impressive number compared to single family homes, only forty percent of which are priced at the same amount.
These numbers may not apply to some of the more expensive Miami Beach condos in South Beach for instance but it does provide a glimpse of just how much prices have gone down and the excess amount of inventory available. Back in 2005, the median price for Miami condos was more along the lines of $350,000. Why not check out a condo that’s not $100,000 cheaper than it was a few years ago?