Miami real estate, with it's beautiful homes and condos, and the surrounding
metropolitan area sits between the Miami River, Biscayne Bay, the Everglades
and the Atlantic Ocean. It is the second largest city in Florida and the
county seat (and largest city) of Miami-Dade County. It is also the largest
city in the South Florida metropolitan area, which is comprised of Miami-Dade
County, Broward County, and Palm Beach County making up the largest metropolitan
area in the Southeastern United States. Miami, which is also known as
the Magic City, was originally occupied by the Tequesta Indians. In the1960's
and 1970's, Miami's population was sparse.
The Miami real estate market began when Julia Tuttle, a local landowner, persuaded the founder of Standard Oil to expand his railroad to Miami and build his own resort. On July 28, 1896, Miami's real estate market was given life. Miami grew rapidly in its first 30 years. After World War II, Miami's real estate was fueled by the area's perfect weather and tranquil beachfront location. However, the real estate development was cut short by a destructive hurricane followed by the Great Depression. In the mid-1930's, the Art Deco buildings were constructed and this boom in the real estate continued until 1942. After World War II, thousands of Miami's soldiers settled in the city. In 1950, the once called City of Magic became the "Crime Capital" when thousands of gangsters and gamblers moved to Miami.
By the late 1980's, Miami rose to international popularity when a movie was set in the city and gave Miami the deserving attention it wanted and needed. People from all over the US moved to Miami and tourists were coming to experience the place. Today, Miami stands as the third most popular tourist spot in the US after New York and Los Angeles.
Downtown Miami Views Of Brickell Avenue
Introduction To Miami
Miami Luxury Homes Sold For Bargain Basement Prices
Miami luxury home at 221 Casuarina Concourse, Coral Gables, Florida January
2010
Miami luxury homes have been selling at a snail's pace in the past few
years, with only 42 luxury homes with water frontage, sold in greater
Miami Beach in 2009. Miami and Coral Gables have also experienced dismal
home sales and huge price drops. All of this points to a bottoming out
of the luxury real estate market in Miami. More luxury home buyers have
re-entered the marketplace, and more sales are closing.
Recently, a fine luxury home in Coral Gables, located at 221 Casuarina
Concourse, sold for $7,750,000. The property is just a stone's throw away
from one of the most expensive homes in all of Miami, Alan Potampkin's
Coral Gables mansion at 11 Casuarina Concourse, offered for sale for a
whopping $49,500,000.
The 11,402 square feet, 8 bedrooms, 11 bathrooms home, situated on a 34,876
square feet lot was purchased in 2006 for $9,775,000, and closed last
month for $2,025,000 less than the seller paid for it 4 years ago, in
February 2006. Many home sales in Miami have mirrored this one, as sellers
become more realistic, and realize that times have changed dramatically,
particularly with respect to the Miami real estate market.
Many Europeans are visiting Miami this month, and some of them are taking
advantage of the best buyer's market that Miami has seen in many years.
It can truly be said that there has never been a better time than now,
to make a great deal on a luxury home or condo in Miami.
Miami Condo Prices At Icon Brickell Continue To Fall
January 2010
Miami condo owners, who have listed their condos for sale, have all become
acutely aware of the steep fall in value of their apartments. The over
development of many huge buildings with hundreds of apartments, and no
buyers, along with the foreclosures of thousands of other condos in Miami,
has brought the condo market to it's lowest level in memory.
The good news is that condos can be purchased at prices that would have
otherwise been unthinkable. Luxury real estate at low prices, relatively
speaking, has become the norm in Miami.
The Icon Brickell, a 3 tower complex, with 1,796 units, one of the biggest
developments in Miami in recent years, has dropped prices more than 50%
on units in the third tower. Condos in the Icon Brickell that were selling
for $680 per square foot, just a few years ago, can now be purchased for
as low as $298 per square foot of interior living area. Condos in the
other two towers have dropped about a third in value.
Related Group, the developer of the ultra luxury 3 tower project, is
counting on Latin American buyers to come in, and snatch up the multitude
of available units, at the steeply reduced prices. For those interested
in living in a great area in the heart of Miami, the Icon Brickell is
a good choice, and an opportunity to live in a building that is state
of the art.
Miami Real Estate Undergoes Changes
September 2009
Miami real estate is undergoing some changes that are truly mind boggling.
Some homes are selling for remarkably high prices, given today's economic
climate, while others are selling at prices well below market value; and
some sellers still don't get it.
Last week a beautiful new home was listed for sale in the Miami MLS (multiple
listing service) for an asking price of $3,990,000. At first glance, this
didn't seem like an outrageous price for a brand new house on the exclusive
Venetian Islands in Miami Beach, with 4,600 square feet of interior living
space, and 5 bedrooms.
At a second glance, one notices two very important factors -- that the
house sits on a lot measuring 7,200 square feet, and that the property
is not a waterfront home. That means that the seller is asking approximately
$867 per square foot of living space, for a house on a lot which is less
than three quarters of the size of most waterfront lots on the Venetian
Islands.
Waterfront homes on the Venetian Islands have been slow to sell recently,
and there are many waterfront houses for sale now. Sales of bayfront homes
vary widely in terms of price per square foot, but $600 to $850 per square
foot of interior space, can be used as a "rule of thumb" with
regards to sales prices.
It begs the question, how does a home owner of a non-waterfront property
come to the conclusion that he/she could possibly get anywhere close to
the asking price, or even half of the asking price of $3,990,000? It is
mind boggling, and one of the reasons that real estate in Miami is undergoing
such turmoil.
On the other hand, sales of luxury homes on Miami Beach are still being
made, albeit at a snails pace. Very recently a beautiful Miami Beach house
on the Sunset Islands sold for $9,500,000. The 9,993 square feet mansion,
situated on a 20,000 square feet waterfront lot, located at 1400 W 28th
St. on Miami Beach, boasts 7 bedrooms and 7.5 bathrooms, and is a Mediterranean
work of art, with fine marble, hardwood, and keystone floors. Although
the asking price for the estate was $15,900,000, the property closed for
just over 59% of the asking price.
Condos are moving slowly as well. Last week a beautiful condo at the
Four Seasons in Miami sold for $1,000,000. The 2 bedrooms 2.5 bathrooms
condo located at 1425 Brickell Ave on the 48th floor (48C), was a great
buy for the new owner, at approximately $468 per square foot of interior
space.
Miami Real Estate Market Sees Spark Of Light
August 2009
Miami real estate has undergone its share of turmoil in the past few years,
and many homeowners have suffered as a result. However, there are signs
that a bottoming out is taking place right now, at least with respect
to the sale of single-family homes in the Miami area. The latest statistics
documented by Realist.com, showed a substantial increase in sales of single-family
residences this July over July 2008. Last month 1,622 homes sold, as compared
to 1,277 in July of 2008, a remarkable increase of approximately 27%.
That is the good news. The bad news is that median home prices dropped
considerably from a year ago. The median home price in July 2008 was $249,000,
and last month, it was $206,000, a decrease in value of more than 20%
from a year ago.
Condo sales tell a far different story. The overbuilding of condominium
towers by greedy developers over the past several years, has taken its
toll on thousands of Miami residents. In July of 2008 the median sales
price of a condo in Miami was $348,000, and one year later, in July 2009,
the median price dropped to $230,000, reducing the price of a condo to
only 66% of its value just 12 months earlier. Sales have also dropped
substantially in the Miami condo market. In July of 2009, only 1,524 condo
units sold in Dade County, as compared to 2,441 sold apartments in July
2008, a drop of more than 40% in number of sales from the same month,
a year earlier.
Miami Real Estate Boom (The Boom That Was - Circa
2004)
The real estate boom in Miami has ended. The copy below will give you a
good idea of where Miami real estate was just a few years ago.
The number of real estate projects being developed all throughout
the city proves Miami's exceptional growth. Last year, the Planning Department
reviewed 104 major development projects. Out of the 104, the City Commission
approved 25 projects.
The approved 104 projects gave way to 20,100 new residential units, 800 hotel rooms, and 12,800 parking spaces. All the approved developmental projects amounted to a total construction cost of US$7.8 billion. Miami caters to all real estate investors by providing numerous opportunities to buy and sell properties. With a variety of single-family homes, commercial spaces, waterfront homes, and condominiums, both the realtors and homebuyers are provided with a number of choices. During the first months of 2005, the Miami condominium market started to heat up.
Last month, a total of 19,660 condo units were just finished, is still under construction, and in the planning stage. New condominium constructions such as Brickell CitiCenter, Icon Brickell, Soleil, Urban River, and Ehden Placea won approval for new units. With the new developments in Miami real estate, the values are expected to increase which would demonstrate real estate developer's timely and accurate investment judgment.
Values of each condo unit have averaged at about US$300,000. Investment experts say the boom in the Florida real estate market is because of economic factors and demographic causes. Developers expect the real estate values to continue growing as the projects are being developed. However, with Miami's real estate history, the city would always find a way to stand up against the market drop off and continue to develop their magnificently popular city.