Let’s start by stating the obvious: practically every single condo in South Florida (Miami Beach condos included) have seen a significant drop in value, albeit some at a stronger degree than others. While location does factor heavily in a condo’s overall value and price, it’s actually the waterfront that seems to be making the biggest difference.
Sure enough, condos that are near the waterfront have had much better luck when it comes to price declines, especially those that are within areas where overbuilding has not become a major issue. Putting aside Miami Beach condos for a bit, condo prices in Broward currently stand at $73,600 as of March of this year. That number represents more than sixty percent drop since 2006. Some sellers in high end luxury waterfront condos have had to deal with a 25 percent cut selling for $550,000, which may not be the most favorable of price points but is still fairly good considering the circumstances.
Have you noticed any similar trend when it comes to Miami Beach condos? There’s no denying that buildings overlooking Biscayne Bay have huge appeal, but does that translate into less of a price drop?
