A great way to get a sense of prices is by looking at closed and pending sales in the area. A lot of the "deals" we are seeing come in the way of larger spreads between closed vs. listing prices.
Please click here for closed and pending sales of condos in South Beach since March 01, 2008 http://sef.mlxchange.com/Pub/EmailView.asp?r=784537380&s and here for closed and pending sales of single family homes over the same period of time http://sef.mlxchange.com/Pub/EmailView.asp?r=368980465&s
These are March 2008 statistics for condos in South Beach:
There were 2217 condos listed for sale
There were 56 properties that closed in March
There were 88 properties that went pending in March
The average price per square foot of sold property was $515.00
Properties are selling at 92% of asking price on average
The average price of condos being sold is $577,000.00
There are 39.6 months of inventory in the area
These are March 2008 statistics for single family homes in South Beach:
There were 111 homes listed for sale
There were 3 properties that closed in March
There were 6 properties that went pending in March
There are 37 months of inventory in the area
Hope this is helpful,
or give us a call at 305-931-6931
Katherine does a great job of compiling the sales data for Miami Beach, but to best answer your question please provide us with more details. South Beach encompasses a large area with different neighborhoods, thus sales data can vary significantly from one neighborhood to another.
What segment of the market are you looking for and what price range??? Depending on price range and location there can be great differences between sales price and asking price and days on market. Let us know so we can best answer your question.