Miami Beach, Florida is one of the famous resort destinations in the United States. The city of Miami Beach, especially the South Beach area is an important area for the real estate market in top residential architects in Miami, Florida. It is the original vacation destination of the United States known for its famous art deco hotels, diverse cultures, fashionable restaurants, cafes, white sandy beaches, palm fringes, beautiful houses and condominiums, and a throbbing nightlife. All of which makes it a popular destination for tourists from all over the world.
Real estate in Miami, Miami Beach real estate and the prices of homes in Florida in particular were hit the hardest when the prices of real estate came crashing down through out the United States ,as a result of the global meltdown in the previous year. However, this is nothing new for this region that has seen through several booms and busts in the past century and recovered pretty strongly. This is particularly true for Miami and its beachfront properties the prices of which tend to recover fairly quickly.
The good thing about the real estate bust is that the prices of property in this region, in general, tends to be more than some of the metropolitans in the country so when the realty market is soft or not doing particularly well, it gives the investors an opportunity to invest in Miami homes or Miami condominiums or Miami beach homes.
A look into the real estate statistic reports on Miami Beach, Florida reveal that due to the recent depression the prices of properties in general are low which indicates scope for re investment on real estate properties that are sure to recover. South Florida, South Beach, Miami Beach and Sunny Isles Beach have all witnessed such investments since the bust in the real estate market in the previous year. The average price per square foot for a house in Miami, Florida is $ 309 for the week of October 5, 2009 which is 37.8% less than what it was in the previous year. The reports show that the median sales price for a Miami Beach house was $ 333,500 in the week of October 5, 2009 which was $ 78,500 or 19.9% less than the median sales price for the same period in the previous year. According to the statistic reports on the realty market in Miami Beach, Florida, the average Listing price for Miami homes and Miami Beach properties was $1,002,123 for the week of October 5, 2009 which is $4,102 or 0.4% more than the average listing price for Miami properties from the last week.
For investors, looking for investment in Miami real estate and Miami house properties the present property market provides good opportunities for investment. This is because the down turn has allowed for price correction. This means that the prices of properties in Miami Beach, Florida that were overpriced before the economic bust are now available at a price which the area has not seen in ages. The price of properties and homes in trendy areas of Sunny Isles Beach and Miami Beach have however, remained quite high even during the economic meltdown. Investors at present are showing interest in condominiums particularly around Miami and Dade County region.
So, the present real estate market in Miami, Florida provides the best opportunities for investors and buyers interested in investing on the Miami’s ever dynamic realty market.
Bryan Halda is the Senior Partner and Associate at the Gray & Associates Properties. He has many awards and accolades in the realty business, to his credit. He was recently named as the Top Producer’s Speaking Panel by the Realtor Association of Greater Miami and the Beaches, (RAMB). Bryan Halda is a Certified Luxury Home Marketing Specialist (Greater Miami and the Beaches) and a Certified Residential Specialist.