Miami Beach Market Update

Miami Beach Market Update

Friday, November 06, 2009

What’s the current status of the Miami Beach real estate market now that 2009 is on its last two months?  There are some exciting developments taking place and price reductions are still happening in some of the best places in the city if you know where to look.

There are currently a little more than 400 Miami Beach homes on the market, presenting lots of buying opportunities for people looking for a new place to call home or the next great investment.  Prices continue to drop, thus opening the door of many neighborhoods to a broader list of potential buyers.  For example 5111 Pine Tree Drive was reduced once again last month to $980000, a reduction of over $13,000 from its original price tag.

Last year nearly sales of Miami Beach homes accounted for nearly $300 million, this year about $205 million has sold.  While that’s almost $100 million less in sales, buying activity has been picking up and so have prices.  Come this time next year Miami Beach may sell twice as much.

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