Miami Beach Luxury Real Estate Sales – September 2008

There were 4 homes sold in the Miami Beach Luxury Real Estate Market in September 2008. What is interesting to note is the time on the market for each of these homes and the percentage difference between list and sale price. Although the Miami Beach Luxury Real Estate Market remains strong, prices are negotiable….so keep that in mind when you are selling and buying Miami Beach Real Estate – wheter in South Beach or North Beach.

130 Palm Avenue – Miami Beach

This magnificent residense was listed for sale in September 2007 for $11,900,000 and sold on September 11, 2008 for $9,750,000 – that’s 355 days on the market with a percentage difference between list and sale price of 19%.

Miami Beach Luxury Real Estate

General features: 6 bedrooms, 8 bathrooms, 1 powder room – 7,940 square feet of living space – 30,000 square foot lot – 100 feet of water frontage with Southern exposure overlooking port of Miami

6010 N. Bay Road – Miami Beach

This North Bay Road 50’s home was listed for $6,200,000 in January of 2007 and sold for $4,600,000 on September 18th, 2008. That’s 20 months on the market with a percentage difference between list and sale price of 26%.

Miami Beach Real Estate

General features: 6 bedrooms, 5 bathrooms – 5,060 square feet of living space – 21,228 square foot lot with 82 feet of water frontage.

5004 N. Bay Road – Miami Beach

This exquisitely remodeled N. Bay Road home in Miami Beach was listed for $6,500,000 in February of 2007 and sold for $3,075,000 on September 29, 2008. That’s 19 months of the market with a percentage difference between list and sale price of 36%.

South Beach Real Estate

General features: 3 bedrooms, 4 bathrooms, 1 powder room – 4,123 square feet of living space – 21,500 square foot lot with 100 feet of water frontage.

3083 N. Bay Road – Miami Beach

This 1930 Mediterranean Revival home was listed in August of 2006 for $1,930,000 and sold for $1,485,000 September 12, 2008. It was on the market for 25 months and the percentage difference between list and sale price was 24%.

Miami Beach Real Estate

General features: 4 bedrooms, 3 bathrooms – 2,429 square feet of living space – 7,320 square foot lot (60 X 122 dry lot)

The main point for discussion from this Miami Beach Real Estate Market Report are the discrepancies in list versus sale price – as you can see from these 4 sales, the average percentage difference is 26%. This can be attributed to a few reasons: properties being overpriced from the beginning, distress sales where sellers have to relocate and move or amount of time on the market. If you are a home seller in Miami Beach it is important for you to know this in order to create a successful strategy to price your home. If you are a Miami Beach real estate buyer, don’t assume every seller will drop their pants 25%, but know that the market indicates flexibility.

We will see what next month brings to the South Beach Real Estate Market and the Miami Beach Real Estate Market.

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