This Miami Beach Real Estate Market Report shows and interesting first half of 2009 for South Beach Luxury condos in the SoFi area (South of Fifth). South Beach is always defying the odds but numbers are numbers and when you compare average sales in 2008 with the first half of this year, prices have gone down.....nothing considerable, but they have. Make sure you take a look at the 2008 South Beach Condo Real Estate Market Report – (SoFi Luxury Condos) that I completed in January to be able to see the disparities.
- The average listing price in 2008 was $1,238,498 where in 2009 it's $1,099,077
- The average sale price in 2008 was $1,110,344 whereas it's $973,574 in 2009 (that's over $130,000 difference)
- The average price per square foot decreased from $651.67 to $607.12
Because I sound like a broken record at times and tell you that real estate is "local" and it doesn't do you any good to use general numbers. I am also comparing averages in 5 different South Beach Condos that I scrutinized back in January.
- Apogee South Beach - The average price per square foot in 2008 was $1,359 and although only one sale shows on the MLS in 2009 - it's for $1330 per square foot (not much of a drop)
- Continuum South - went from $1,072 per square foot to $1,040 (also pretty strong)
- Continuum North - from $845 to $824 per square foot (not bad)
- Icon South Beach - from $725 to $716 per square foot
- Yacht Club at Portofino - stays exactly the same (big surprise for this one, since it's the lease desirable of all the buildings in my opinion)
- Murano Grande - goes from $626 to $604 per square foot (no remarkable change)
I am beyond curious to see what the second half of 2009 brings us - now that we are seeing a decrease in inventory and less distress sales. I just wish the calls would stop for people wanting a 3 bedroom / 2 bathroom condo in a South Beach Luxury Condo for $250,000 ....PEOPLE!!! That's only in fantasy land!