Miami Beach Condo Sales in the First Quarter

Real Estate Blog Article

Wednesday, April 28, 2010

Real estate may be on something of an upswing but if recent reports are to be believed, Miami Beach condos may be having a bit of a tougher time in 2010, at least during the first quarter.  Per recent reports, developers only managed to sell a total of seventeen new units during this period, that's actually 31 units less than 2009.

The number of units sold is low but on a positive note, the average price per square foot did see a healthy increase of more than $800 compared to last year.  Miami Beach condos usually sold for about $1,364 during the first quarter

While Miami Beach condos may be having a tougher time moving overall inventory, over in nearby downtown Miami things are looking a lot better.  Between January and March, over 700 units were sold for a price per square foot of $326.  That sharp difference in price may be a major factor as to why Miami Beach is having a rockier time seeing a huge sales boost.

What are your thoughts?  It's true that the barrier island Miami Beach condos call home may have something to do with the slow sales but might there be more at stake?  More importantly, what are the odds of sales improving during the following quarters?

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