Real Estate Conditions in The Miami-Dade Metro Area

The City of Miami in Florida is the largest city in the state of Florida, located in Southeast Florida, in Miami-Dade County. The City is world-famous for its diverse culture and healthy ethnic mix, with strong ties to the Hispanic world, and is the largest urban enclave in the county.

The vibrant metropolis is also known as the Gateway to the Americas, as it attracts a tremendous amount of foreign-born nationals, and is recognized globally as an international hub of commerce, tourism and the cruise line industry

New Developments Abound Here

The new developments in the Miami metro area today include residential homes and high-rises as well as other cultural, entertainment and business institutions and eye-catching attractions. The city has 13 different neighborhoods that contain many historical and cultural locations and landmarks.

Each of the city's neighborhoods are equipped with full-service parks, fire and police stations and special neighborhood assistance centers, where residents, tourists and businessmen can go to get answers and resolutions to their questions or queries, and assistance with other major city services as well.

Real Estate Conditions In Key Areas Of Miami-Dade County

- Aventura

For real estate conditions in Aventura, local property MLS sites and brokers note that there are currently 2372 condo listings in this area, with the highest-priced listing pegged at $6,000,000, and the lowest-priced listing set at $99,000.

For the period, pending sales were placed at 114, and the closed sales for January of this year were 40, and these units ranged in prices from $3,600,000 to $112,000.According to local housing analysts, Aventura's real estate market remains in good condition, and its residents love the proximity to the ocean and its central location.

- Miami Shores

According to recent figures, there are currently 222 home listings in this area, with the highest-priced home listing pegged at $3,250,000, while the lowest-priced listing is set at $229,500. Pending home sales here stands at 14, while closed sales for January of 2008 stood at 3. The closed sale prices ranged from $668,470, $339,000 and $375,000. According to housing industry observers, if home sales here stays at a pace of 3 sales per month, it will probably take 6 years to sell the area's inventory.

- Fisher Island

At present, there are currently 97 home listings on Fisher Island, with the highest priced listing pegged at $10,900,000, and the lowest home-price listing set at $449,000. For the moment, pending home sales are 0, while closed sales January stand at 1, with the property priced at $4.7 million, and finally sold at $4 million.

This affluent residential district is seeing a slight increase in inventory, but not a decrease in pricing, although the average price on the market has increased. This community is still considered to have one of the wealthiest zip codes in the US.

At present, many home buyers and housing market analysts are talking about a "down market", however, the truth is that the market today always favors either sellers or buyers, in this case the real estate market favors buyers, which indicates that this is a perfect time to buy homes.