You don’t need anyone to tell you that pricing is one of, if not the driving factor in spurring sales of Miami Beach real estate. In fact, that may very well be the reason why the high rises of downtown Miami just across the water are doing significantly better in terms of sales than the arguably more alluring Miami Beach.
During the first three months of this year, only seventeen Miami Beach condos have actually closed. That number is a huge difference from the more than 700 units purchased in neighboring downtown Miami. The reason once again comes down to price: in South Beach, the average price per square foot for new condos was $1,364. Compare that number to the $326 per square foot of downtown and everything makes sense.
While Miami Beach condos may be experiencing slower sales, some buildings are seeing considerable sales growth, the Caribbean and Canyon Ranch condos being two good examples. Will prices per square foot come down even further in Miami Beach in order to spur more buyers to purchase in the city?