Halley S., Home Buyer in New York, NY

There is a lot of talk of a softening real estate market. How would you describe the real estate market in Miami Beach?

Asked by Halley S., New York, NY Mon Apr 23, 2007

How long do homes typically sit on the market in this city?

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13
I have a better idea than answering this question. I have a better question. Check the "questions" by this "poster" . over 200 "questions all posted on Mon april 2007 with questions about many di How does this happen? Does Trulia itself post a bunch of questions like this to increase posting for some reason?
1 vote Thank Flag Link Sun Oct 17, 2010
Looking at the answers - how many of you are willing to change their opinion now? Or you still prefer to play the same old broken record?
1 vote Thank Flag Link Sun Jul 11, 2010
The market has obviously softened over the past two years in Florida and Miami Beach. However, in South Beach specifically (south of 24th Street), in my opinion, the long-term outlook is fantastic. South Beach is an ever-expanding tourist destination. Rents have been increasing at a good rate and many sellers are now facing reality and have reduced their listing prices considerably since the unofficial end of tourist season at the end of April. There are good values on the market and the prices are still attractive to European buyers. For 2007, the average time on the market for single family homes in Miami Beach is 4-6 months.
1 vote Thank Flag Link Tue Jun 19, 2007
The Miami Beach Real Estate market has seen a real drop in home prices, making it a lot more affordable to homebuyers. Because it is a very attractive location and the space for new constructions is limited, I believe it will recover better and faster than other parts of town. The bottom line is, if you're thinking of buying a home, now is the right time to buy. You'll have a very large inventory with condos and houses that have been sitting on the market for over a year. Sellers are motivated. The important thing to remember is that you need to buy before others get wise. I mean that if you're waiting for everyone to announce that prices have hit rock bottom and that it is time to buy again, you'll have waited to long. Inventory will start dropping as buyers start making offers, sellers will stick closer to their listing price, you just won't get as good of a deal. By investing in a property on Miami Beach you also know that, most likely, the value of your home will only go up. And it will rise at a faster pace than in most other parts of the country. Miami Beach remains a highly desirable place to live or own a vaccation home. That is why prices went through the roof in the first place. With today's 30%-40% lower prices, it is definitely a safe bet.
0 votes Thank Flag Link Thu Jun 19, 2008
Halley,
I don't know about the rest of the country, but in Miami Dade County the market appears to be rebounding. Statistics show that the market hit bottom in December 07 as it pertains to pended sales. However in January as expected closed sales dropped, but pended sales started climbing and both pended sales and closed transactions have been climbing ever since.

We just received the statistics for the end of May and once again the numbers are showing a trend for climbing sales. To show you how things have changed, closed sales in January '08 hit their lowest point at 718 living units of houses and condos combined. Since then in February 748; March 943; April 957 and by the end of May sales had gone over 1000 units.

Our Beach office has been having great sales over the past couple of months. Since inventory is still high, properties in general are still sitting around for 3 to 6 months. But the good properties, in good neighborhoods at great prices are once again selling. I have one client I am working with who has alredy lost 3 propeties they liked because of procrastination. Now that they know that properties are selling they are getting more serious about buying.

We don't know if this upturn is going to continue, but if we have a quiet hurricane season it is very likely that prices could stabilizing by the fall. So if you want to get the best deals, this is your best time to buy. I don't know about the rest of the country, but in Miami "soft market" is old news - the market is alreay turning.
0 votes Thank Flag Link Fri Jun 13, 2008
Hi Halley,

Prices in South Beach have certainly fallen. You might ask when is the best time to buy in? Well just before the "experts" say the prices have bottomed out! Who knows???

Your best bet is to invest in beach front property, or close to it.
South Beach has one of the best beaches in the world so why not take advantage of those beautiful waters. And of course, it goes without saying, the night life rocks too.

So rent in South Beach or Fisher Island this winter. Get away from the New York snow and enjoy. Then you will know better where you want to live.

I, personally, love South Beach living...

All the best,

Joe
0 votes Thank Flag Link Fri Jun 13, 2008
In reality Halley, to answer "how long do homes sit on the market in (Miami Beach)?" one question begs asking as an answer. Why are you buying?

If you are looking to buy in order to turn around and resell, you need to buy one way. If however, you are buying with a long-term wealth-building investment strategy in mind then, who cares?

The bottom line is that property can be purchased today at incredible prices. Miami Beach remains a hot buzz destination world wide and interest are still very low. However, remember, neither prices nor rates will remain this low.

Depending on your age, you could hold and enjoy the benefits of this property for a long time, and still leave it for your kids to enjoy as a legacy.

Consider this, in 5 years it will be 2013. Will you be beating yourself for not having purchased that Miami Beach condo at those low rates we had back in 2008? Or will you be visiting or living in it, enjoying a pool or beach day with friends and family?

Remember, "Luck is when preparation meets opportunity" so think through the process, prepare and enjoy.
0 votes Thank Flag Link Thu Jun 12, 2008
How much softer can it get? In desireable destinations as Miami Beach is, demand is still very high. Quality properties have not been as hard hit as those of lesser desireability. Something good has lasting power and durability. Yes- the market has seen a big discount from years past- that is to be expected. We have had 15-20% appreciation almost on a monthly basis for nearly 2 years - an adjustment was needed.

Prices have come down...But look from what level...
0 votes Thank Flag Link Sat Mar 22, 2008
it is now about a year later
getting softer
kick back
watch for a while
no hurry

you could probably rent a condo very cheap
a lot of flippers that flopped
0 votes Thank Flag Link Wed Mar 19, 2008
I believe and it shows that any property thats Ocean front or within blocks of Miami's beautiful beachs the prices are steady and will hold its value in the long term. Yes the market is correcting itself but again Miami Beach and espcially in the South Beach area the decline will not affect owners as much as the west and south of Miami.
Web Reference: http://www.haddadin.net
0 votes Thank Flag Link Tue Jul 17, 2007
Most people are afraid to admit that yes there is a softening in the RE market. It is a great time to sit back (for the next few months) and see what shakes out during the summer. Great deals will be had. Sit tight---no matter what anyone say. Deals will be found!
0 votes Thank Flag Link Thu Jul 12, 2007
Miami is attracting the world, but miami these last 5 years has been the center of a non professionnal investors and for this reason prices went up very fast without a real demand of end users.
Now you can find real good deal in Miami mainly in Condominiums . But location and quality of construction stays a good value .
Home sale in Miami should go back to a normal level in 2008
0 votes Thank Flag Link Fri Jun 1, 2007
There is only ONE Miami Beach, and only ONE South Beach! Miami Beach attracts, and will continue to attract, year 'round residents, seasonal residents, investors, and speculators from three continents: North America, South America, and Europe. Thanks to many new-construction projects, there is more inventory to choose from, but the demand remains heavy.
0 votes Thank Flag Link Mon Apr 23, 2007
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