Sorry about the late update of the October installment of the South Beach condo statistics. I just re-launched my new website. The new website, www.kevintomlinson.com, has incredible and first-ever features like the ability to track changes of the list price of all Miami Beach condos (or at least the ones represented on the site).
South Beach Real Estate Blog: Your Miami Beach Real Estate On-line Newsroom
Ok, so historically, August and September are the slowest months of the year with regard to Miami Beach real estate sales activity. The numbers from last month’s post don’t really reflect anything earth-shattering.
This data is based on information from the Southeast Florida Regional (SEFR) MLS or from the associations participating in the SEFR for the period 1/1/07 through 10/3/2007.
This South Beach condo analysis covers the South Beach condos: Continuum South Beach, Murano at Portofino, Murano Grande, ICON South Beach, Portofino Tower, Yacht Club at Portofino, and South Pointe Tower
Here are some of the highlights:
Continuum had five closings from 9/4/2007–10/3/2007. That is impressive given the time of the year.
Miami Beach Condo Sellers: Time Is NOT Your Friend
Here, surprisingly, the average days on market has actually fallen in every condominium except Murano Grande from the previous months stats. ICON South Beach and Portofino Tower are continuing to choke on their own inventory. Every building except for Murano at Portofino and Continuum has problems with their amount of inventory and time on the market.
I sense that many owners are waiting for “season” before adjusting their prices where they need to be. Being “on the ground,” I know that there are buyers out there, it is just that so many sellers are not being realistic or hearing what the market is telling them.
Kevin’s advice: If you are a serious Miami Beach condo seller, don’t wait until after the “season” (“season” typically is December-June) to re-evaluate your pricing, DO IT NOW! If you plan on re-evaluating your list price, here is a guide to help you do it, the right way.
A normal real estate market dictates that about 10% of the condominium’s units could be available for sale at any given time. Murano Grande, ICON South Beach, and Portofino Tower have way too much inventory. Real estate market fundamentals, like location and supply and demand, are more important than ever.
Here is a quick run-down of the Miami Beach real estate activity in the SoFi neighborhood of South Beach from 9/4/07 thru 10/3/07:
Nine units closed, four of which were in Continuum South Beach
Two units pended (awaiting closing, under contract); both of which were in ICON South Beach
40 units came on the market
- Continuum: 7
- Murano at Portofino: 6
- Murano Grande: 7
- ICON South Beach: 5
- Portofino Tower: 2
- Yacht Club at Portofino: 9
- South Pointe Tower: 4
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