South Beach Condo Blog

I believe the high-end waterfront home sector in Miami Beach will be the story of 2010. Here’s why: Inventory is way up, homes have been sitting on the market for record amounts of time, and number of real estate transactions are way down.

Miami Beach condos have been pummeled in the media for years. Prices have dropped big time, except for the South of Fifth neighborhood. Inventory is decreasing and number of transactions are up—way up. Not the same for waterfront Miami Beach homes…

Round up of South Beach and Miami Beach real estate happenings. Links to stories about flailing Sagamore Hotel; impending foreclosure of South Beach’s Gansevoort Hotel; Art Basel Miami Beach 2009; gossip. Casa Casuarina hires Barton G to run the restaurant and specialty boutique hotel at the former Miami Beach home of Gianni Versace.

Just days before Art Basel, The World’s largest art fair, it appears that Romero Britto’s art, has been vandalized.

Britto’s work perched at the entrance of Miami Beach, at the new “mall” at Fifth and Alton, greets visitors and residents as they cross the MacArthur Causeway into South Beach.

Much like the high-end condos, Miami Beach waterfront homes had a tough go of it in the early part of this year. But, all told, the impact of the real estate correction will be most felt in the luxury waterfront sector. Our first ‘big’ sale didn’t come until June, and still stands unrivaled.

Venetian Islands: Whaaa?
What really raised my eyebrow was the lack of sales on the Venetian Islands for the first half of the year. During the first half of 2008

This has been a very interesting year. I’ve said before that the SoFi neighborhood in South Beach has weathered the real estate storm like a champ. Our busiest time of the year begins with Art Basel at the beginning of December and continues well into June.

For the previous few years, the week of Art Basel has been incredible. Last year was the year of NO action; and it only got worse from there. While inventory languished on the market for the first half of the year, sellers seemed to hear the message. List prices dropped, and dropped fast.

Housekeeping Items

The name of this blog is South Beach Condo Blog. The url of this blog is www.southbeachrealestateblog.com.
This blog is the #1 Miami, Miami Beach, and South Beach real estate blog – and I’m pretty proud of that. With that comes added pressure.