I did some research of my own to find out EXACTLY what is happening with the prices of Miami Beach Condos. I took three six month periods and did an average price per sq. ft. for each period.
According to ABC News, Miami condos have gone bust. I think the media has tried hard to create this story, as opposed to revealing the real story. While there is no doubt that in Miami there will be a huge amount of new condos coming to market in the next year or so, that is not the case in Miami Beach. Comparing Miami to Miami Beach is like comparing Brooklyn to the Upper East Side.
I made some observations while reviewing the figures: while sales are steady, inventory is sky-rocketing and list prices are on the way down, and that is a good thing.
Many buyers have been sitting on the sidelines waiting for the ‘bottom of the market’. I won’t speculate as to where we are at in the cycle, but it is clear that sellers are becoming more realistic with their list prices, and buyers are stepping up and buying the condos that are priced right.