This data is based on information from the Southeast Florida Regional (SEFR) MLS or from the associations participating in the SEFR for the period 1/1/08 through 6/18/08.
It’s been a tough year for Miami Beach real estate generally and even more so for Akoya Miami Beach. Let’s break down some of these numbers to see what they really mean.
One Bedroom Activity: There has been one sale this year. There are 36 available condos for sale
Two Bedroom Activity: The have been two sales this year. There are 21 available condos for sale
Three Bedroom Activity: There have been two sales this year. There are 8 available condos for sale.
Oh, the media. I remember in back as early as 2004 the media starting predicting that the bottom would be falling out just about now. Dire predictions. Horrible repercussions. Doom and more gloom.
I’ve never been an optimist. Why? Because I’m a businessman. I was always a realist. I told another colleague as early back as 2003 that it was “over.” She laughed, and laughed hard! She went on to say, “this is South Beach. Other areas my decline but NEVERSouth Beach. Everyone in the world wants South Beach real estate!” I winked at her and said, “It’s over.”
I’m a very connected guy. I don’t mean connected in a way where I know people (well, I do know people); but I like to keep my ear to the ground. I noticed that a lot of new listings were coming on the market at the Bath Club in Miami Beach, so I decided to run some numbers and see what was going on there.
In the last 30 days, 11 listings came on the market. That may not sound alarming but with only 112 units in the development, it certainly caught my attention. As of today, there are 36 units on the market, which represents 32% of the condominium. A balanced real estate market dictates that about 10% of the condominium’s units could be available for sale at any given time.
Next, I did some numbers of actual sales activity in the Bath Club:
I recently had a client who purchased a large condominium in South Beach. While doing my research on available inventory of like/kind units in the neighborhood, I came to dissect each one of the luxury buildings to find out how many units were comparable to my buyer-client’s unit. Here are some interesting real estate tid-bits about large units (over 2500 sq. ft.) in luxury condos in South Beach:
There are a total of 173 units with over 2500 sq. ft. in a total of six buildings:
I’m a very connected guy. I don’t mean connected in a way where I know people (well, I do know people); but I like to keep my ear to the ground. I noticed that a lot of new listings were coming on the market at the 
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