Miami Beach Real Estate News

Real Estate News

Every day is a different experience in Miami Beach.  Its ever-changing landscape and the diversity of the Miami Beach real estate market present exciting new ventures, opportunities and events that make it one of the most dynamic cities in all of sunny South Florida.

Our Miami Beach real estate blog is always being updated with the latest real estate news about Miami Beach and its neighboring areas, including local events and exciting new happenings.  As part our ongoing efforts to provide you with the most comprehensive information on Miami Beach and its collection of varied property, we will highlight and acquaint you with a new, acclaimed Miami Beach condo each month.

We encourage you to comment on our latest Miami Beach real estate and South Beach real estate news postings and contribute to the discussion.  The eclectic lifestyle and community always presents new perspectives and we’d love for you to share our postings with friends and family through your preferred social networking websites.  Thank you for reading our Miami Beach blog!

Friday, December 10, 2010
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Friday, November 5, 2010

If you were to explore Miami Beach condos for sale, you wouldn't have to worry too much about making a speedy buying decision.  According to recent numbers, there's a whopping eighteen years of Miami Beach condos to purchase.

Not many people were snapping up condo units during the third quarter of this year, only nineteen units were sold during this period in the popular area of South Beach.  To put it in perspective, South Beach condos are being sold at a rate of about six units each month.  This means that of the more than thirty buildings that emerged during the housing boom, less than twenty of them have sold out and only six of them have occupancy over fifty percent.

This glut of unsold property may actually have to do with a very common problem: stubborn sellers.  These aren't your typical sellers, but developers with asking prices of $1,500 per square foot, a stark contrast to the $355 per square foot number of nearby downtown Miami.

Are developers in need of a reality check in order to break the stymie or are these prices justified when considering the city that all of these condominium buildings are in?

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Wednesday, June 23, 2010

For some time now, the types of properties having the toughest time finding buyers have been high end Miami Beach condos and such, in other words condos with prices starting at $1 million.  So it comes across as a bit strange that there’s a supposed “miniboom” happening among these condos, at least if real estate experts are to be believed.

Throughout Miami-Dade County, over 130 condos managed to be sold during the period of March to May of this year, that’s almost double the amount sold during the same time last year.  These numbers only take into account so-called “high end” condos; the “superluxury” category is also seeing increased activity.  The Fontainebleau and the Setai are two of these superluxury Miami Beach condos and collectively they have sold several units for $9 million and $15 million, respectively.

So what reasons do experts give for this sudden miniboom?  Apparently a larger number of people believe the market bottom has been reached.  Experts also predict that sales of Miami Beach condos and those in neighboring areas will continue to improve because condos are a popular choice among the wealthy.  Are these people correctly predicting a change in the market or is this just more wishful thinking?

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Friday, June 18, 2010

You might have heard of the Neighborhood Assistance Corporation of America’s (NACA) mortgage modification event known as the Save the Dream Tour, it’s already taken place twice in South Florida.  In fact, one of the two events took place right in Miami Beach at the convention center.  Both events have been a huge success and now NACA is getting set to assist even more people with their Miami Beach real estate for a third time.

The Save the Dream tour has seen tremendous popularity with homeowners as more than 30,000 people waited in line for hours to get their chance to speak with a loan counselor and have their mortgages for their Miami Beach condos and such refinanced.  While the first two took place in Miami Beach and West Palm Beach, there is still no word on where this third proposed event will be held.

Will you be attending this latest event?  Did you already attend one of the previous events and if so, did the wait result in paying less money each month to keep your Miami Beach real estate?  We’d love to hear your thoughts.

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Thursday, June 17, 2010

Most of the headlines you read about regarding Miami and Miami Beach real estate tend to focus largely on the many high rises that have yet to find buyers or are having financial difficulties.  While all of that may be true, there has been some major activity going on behind the scenes in both cities, believe it or not.

Just last week a businessman purchased a new piece of Miami Beach real estate for the handsome sum of $16 million.  This 17,200 square foot home faces the water and includes two boat docks plus a garage capable of accommodating up to five vehicles.  The buyer actually got quite a significant discount as the home was originally listed for $25 million.  For the time being, the sale is one of the largest so far this year.

Putting aside Miami Beach real estate, over in neighboring downtown Miami the fairly recent Marquis condo also saw some impressive sales.  One of the building’s penthouses sold for a whopping $4.2 million, a number considered to be the most expensive condo ever sold in the Biscayne Corridor area.  The penthouse is 7,800 square feet and is four stories tall.

While these two transactions can’t singlehandedly fix what’s wrong with the housing market, they do prove that major activity is still taking place despite all the bad news.

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Wednesday, June 16, 2010

The homebuying tax credit has come and gone, at least for anyone who was looking to purchase new Miami Beach real estate.  The rest of current buyers are probably somewhere in the middle of attempting to actually close on the sale before the deadline of June 30th which—considering today is already the 16th—is right around the corner.  If you’ve been racing to get all that taken care of, you may have some room to breathe.

Lawmakers are considering extending the tax credit deadline by an additional three months until September 30.  This proposal is also being supported by the National Association of Realtors and mortgage lenders dealing with a glut of borrowers looking to get approved for their purchase before time is up this month.

There’s a slight caveat to this proposal new buyers should be aware of.  If you haven’t already purchased Miami Beach condos or whatever other home you had in mind, this extension only applies to buyers who have already signed contracts so you’re still out of luck.  Are you among the many hustling to make sure you guarantee yourself those $8,000 dollars?

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