Miami Beach Florida Homes Report for October 2008
4 homes sold in Miami Beach, Florida during the month of October with sales prices that were 90% of asking price. The average sales price was $1,581,000 (the median price was $1,555,000) and stayed on the market for 282 days.
Sales were down 56 % from last month (4 sales); they were down from last year 60% (10 sales). There were 7 pending sales in October (properties that went under contract), which is up 75 % from the month before (4 units).
As for inventory, there are currently 441 homes listed for sale in Miami Beach (down 2 % from last month and unchanged from a year ago). Based on current sales, the absorption rate to sell all existing inventory is 110 months.Of course, that number is skewed because of the poor sales numbers of last month. Note that these numbers fluctuate each month depending on closed sales and existing inventory.
The highest home sale this month was for $2.85 million. The most expensive home listed for sale is for $25 million at 88 La Gorce Circle.
This is an excellent time to buy right now in Miami Beach provided you have the extra cash. We are seeing the best deals going to the savvy buyers who act quickly as there are some good buys to be had right now with so much inventory on the market, but beware of the hype in the media as many of the distresses properties looked distressed too and are not part of the luxury market. As the markets stabilize here, we expect to see a slow but steady increase in buying.
For customized, detailed reports and more information about real estate in Miami, Miami Beach, South Beach, Sunny Isles and the surrounding areas, contact us at 786.553.0697, email us, or visit our award winning website at www.HomesForVIPs.com. We are here to help you learn more about the different areas and to assist you in buying, selling or investing here in South Florida. As licensed Florida real estate agents, we are also certified as e-PROs and International Real Estate Specialists. We speak English, Spanish, Portuguese and French.
*The above graphs and tables are provided by Trendgraphix.
Contact Michael Sahlman, P.A.,e-PRO, IRES, CDPE and Cristina Euripedes-Sahlman, Realtors®, Keller Williams Realty Licensed Realtors® in Florida at 786-553-0697 to list your property for sale or to purchase a property in Miami Beach, South Beach, Fisher Island, Bal Harbour, Sunny Isles Beach, Surfside and the rest of Miami-Dade County Florida and southeastern Broward County Florida. We are accepting referrals.
To view all the Miami Beach Luxury Condos and Homes For Sale Click here. We know the nearby areas in Miami and all of Miami Dade County, as well as most of Broward County; we will help you get your home Sold if you need to Sell your home and help you buy your Miami Beach Condo or Home; call us today at 786.553.0697.
Disclaimer: The information provided herein is supplied by several sources including the southeast Florida MLS and is subject to change without notice. Miami Beach and South Beach Real Estate Blog does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. Entries on Miami Beach and South Beach Real Estate Blog represent the opinions and ideas of the author(s). Miami Beach and South Beach Real Estate Blog does not express the views of the broker.
Copyright © 2008 By Michael Sahlman, P.A., All Rights Reserved.* Miami Beach Florida Homes Report for October 2008*.
Miami Beach Florida Condo Report for October 2008
89 condos sold in Miami Beach Florida during the month of October with sales prices that were 91% of asking price. The average sales price was $403,000 and the median price was $290,000 and stayed on the market for 133 days.
Sales were down 14% from last month (104 sales), but up 51% from last year. There were 132 pending sales in October (properties that went under contract), which is up 11% from the previous month (119 pendings).
As for inventory, there are currently 3,713 condos and homes listed for sale in the Miami Beach, (down 1% from last month and down 6% from a year ago. Because of the steep decrease in current sales, we have gone from 25 months of inventory in May to 42 months currently for Miami Beach. See the data and graphs below. Note that these numbers fluctuate each month depending on closed sales and existing inventory.
I believe that this is an excellent time to buy right now in Miami Beach provided you have the extra cash. We are seeing the best deals going to the savvy buyers who act quickly as there are some good buys to be had right now with so much inventory on the market, but beware of the hype in the media as many of the distresses properties looked distressed too and are not part of the luxury market. As the markets stabilize here, we expect to see a slow but steady increase in buying.
For customized, detailed reports and more information about real estate in Miami, Miami Beach, South Beach, Sunny Isles and the surrounding areas, contact us at 786.553.0697, email us, or visit our award winning website at www.HomesForVIPs.com. We are here to help you learn more about the different areas and to assist you in buying, selling or investing here in South Florida. As licensed Florida real estate agents, we are also certified as e-PROs and International Real Estate Specialists. We speak English, Spanish, Portuguese and French.
*The above graphs and tables are provided by Trendgraphix.
Contact Michael Sahlman, P.A.,e-PRO, IRES, CDPE and Cristina Euripedes-Sahlman, Realtors®, Keller Williams Realty Licensed Realtors® in Florida at 786-553-0697 to list your property for sale or to purchase a property in Miami Beach, South Beach, Fisher Island, Bal Harbour, Sunny Isles Beach, Surfside and the rest of Miami-Dade County Florida and southeastern Broward County Florida. We are accepting referrals.
To view all the Miami Beach Luxury Condos and Homes For Sale Click here. We know the nearby areas in Miami and all of Miami Dade County, as well as most of Broward County; we will help you get your home Sold if you need to Sell your home and help you buy your Miami Beach Condo or Home; call us today at 786.553.0697.
Disclaimer: The information provided herein is supplied by several sources including the southeast Florida MLS and is subject to change without notice. Miami Beach and South Beach Real Estate Blog does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. Entries on Miami Beach and South Beach Real Estate Blog represent the opinions and ideas of the author(s). Miami Beach and South Beach Real Estate Blog does not express the views of the broker.
Copyright © 2008 By Michael Sahlman, P.A., All Rights Reserved.* Miami Beach Florida Condo Report for October 2008*.
Miami Beach Florida Real Estate Report for October 2008
93 homes and condos sold in Miami Beach Florida during the month of October with sales prices that were 91% of asking price. The average sales price was $454,000 and the median price was $316,000 and stayed on the market for 139 days.
Sales were down 18% from last month (153 sales), but up 11% from last year. There were 139 pending sales in October (properties that went under contract), which is down 9% from the previous month (153 pendings).
As for inventory, there are currently 4,154 condos and homes listed for sale in the Miami Beach, (down 1% from last month and down 6% from a year ago. Because of the steep decrease in current sales, we have gone from 26-30 months of inventory (May to August) to 45 months for Miami Beach. See the data and graphs below. Note that these numbers fluctuate each month depending on closed sales and existing inventory.
I believe that this is an excellent time to buy right now in Miami Beach provided you have the extra cash. We are seeing the best deals going to the savvy buyers who act quickly as there are some good buys to be had right now with so much inventory on the market, but beware of the hype in the media as many of the distresses properties looked distressed too and are not part of the luxury market. As the markets stabilize here, we expect to see a slow but steady increase in buying.
For customized, detailed reports and more information about real estate in Miami, Miami Beach, South Beach, Sunny Isles and the surrounding areas, contact us at 786.553.0697, email us, or visit our award winning website at www.HomesForVIPs.com. We are here to help you learn more about the different areas and to assist you in buying, selling or investing here in South Florida. As licensed Florida real estate agents, we are also certified as e-PROs and International Real Estate Specialists. We speak English, Spanish, Portuguese and French.
*The above graphs and tables are provided by Trendgraphix.
Contact Michael Sahlman, P.A.,e-PRO, IRES, CDPE and Cristina Euripedes-Sahlman, Realtors®, Keller Williams Realty Licensed Realtors® in Florida at 786-553-0697 to list your property for sale or to purchase a property in Miami Beach, South Beach, Fisher Island, Bal Harbour, Sunny Isles Beach, Surfside and the rest of Miami-Dade County Florida and southeastern Broward County Florida. We are accepting referrals.
To view all the Miami Beach Luxury Condos and Homes For Sale Click here. We know the nearby areas in Miami and all of Miami Dade County, as well as most of Broward County; we will help you get your home Sold if you need to Sell your home and help you buy your Miami Beach Condo or Home; call us today at 786.553.0697.
Disclaimer: The information provided herein is supplied by several sources including the southeast Florida MLS and is subject to change without notice. Miami Beach and South Beach Real Estate Blog does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. Entries on Miami Beach and South Beach Real Estate Blog represent the opinions and ideas of the author(s). Miami Beach and South Beach Real Estate Blog does not express the views of the broker.
Copyright © 2008 By Michael Sahlman, P.A., All Rights Reserved.* Miami Beach Florida Real Estate Report for October 2008*.
"So if you wait for the robins, spring will be over."--Advice from Warren Buffett
Warren Buffett said in his recent Op-Ed piece in the NY Times "So if you wait for the robins, spring will be over." Although, Mr. Buffett is speaking about his philosophy relative to stocks, I believe it also applies to real estate investing as well.
When the richest man in the world speaks, I listen and take notes. Even though this may seem to some like simple homespun wisdom, Mr. Buffett is perhaps the most respected investment adviser in America, if not the World. He started investing when he was a child and because of his passion and his focus, he is now worth over 50 billion dollars. I found his Op-Ed article "Buy American I Am." in the October 17th edition of the New York Times fascinating on many different levels.
Below are several more of the quotes and observations Warren Buffet made that I found most interesting and relevant to the world of real estate. What follows his quotes is my interpretation of how I think it relates to real estate right now.
"In waiting for the comfort of good news, they are ignoring Wayne Gretzky's advice: 'I skate to where the puck is going to be, not to where it has been.'" Warren Buffett quoted Wayne Gretsky here. I believe many people are trying to outfox the real estate market, which is really impossible. You cannot. Each week dozens of people ask me when the market is going to hit bottom, and my answer is always the same. If we are not at the bottom, we are very close.
"In short, bad news is an investor's best friend. It lets you buy a slice of America's future at a marked-down price." To me most of Miami is on sale right now at values below that of 2005. Depending on the location and property, real estate values are down between 20% and 40% from the highs of late 2005 and early 2006.
I believe investing long-term in oceanfront and waterfront property in the Miami area whether it is a primary residence, vacation home or investment property. In taking a page from Warren Buffett's playbook, I believe that you should plan on holding it for at least several years at a minimum. The key is long-term.
South Beach, Miami Beach, Bal Harbour, Surfside, North Bay Village and Sunny Isles Beach all currently offer great buying opportunities in different price ranges. We have a lot of inventory right now with over 5,800 condos and homes available for sale in waterfront buildings in these areas and only 130 to 180 selling each month. Right now we still have more than a 3 year supply, so there is a lot of competition out there and if a condo is not priced right, they will not sell for a long time. Note that I am not including Miami-Dade County as a whole. Right now in Miami-Dade there are almost 25,000 condos available for sale of which only about 500 are selling each month. That is more than a four year supply.
Mr. Buffett stated "Let me be clear on one point: I can't predict the short-term movements of the stock market. I haven't the faintest idea as to whether stocks will be higher or lower a month - or a year - from now. What is likely, however, is that the market will move higher, perhaps substantially so, well before either sentiment or the economy turns up." Isn't this the kind of advice we should be giving our clients? I believe it is impossible to predict where the real estate market will go in the next few months or years. All I know is that eventually prices will go back up, especially in the most desirable areas, which are oceanfront and bay front condos and waterfront homes.
"Today people who hold cash equivalents feel comfortable. They shouldn't." To me this means that if you have the cash and liquidity to invest in real estate, now is the time to do it. As we said before, it is impossible to time it just right, but it is a pretty good bet that real estate bought now will be worth a lot more in 10 years.
"Be fearful when others are greedy, and be greedy when others are fearful." What an interesting thing to say. What great advice when you couple it with common sense. Isn't it true that most people that become wealthy do so because others are unwilling to go against the tide? Most people follow the herd. They say that more fortunes were made during the Great Depression than at any time in history. Perhaps this is a time to take advantage of some great opportunities.
Disclaimer: The information provided herein is supplied by several sources including the southeast Florida MLS and is subject to change without notice. Miami Beach and South Beach Real Estate Blog does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. Entries on Miami Beach and South Beach Real Estate Blog represent the opinions and ideas of the author(s). Miami Beach and South Beach Real Estate Blog does not express the views of the broker.
Copyright © 2008 By Michael Sahlman, P.A., All Rights Reserved.*"So if you wait for the robins, spring will be over."--Advice from Warren Buffett*.
Bal Harbour Florida Real Estate Market Report for September 2008
In Bal Harbour Florida during the month of September, 4 homes and condos sold with sales prices that were 86% of asking price. The average sales price was $1,253,000 and the median price was $1,138,000 and stayed on the market for 214 days.
Sales were the same as in August and are up from last September (2 units) . Properties that went into contract (pending) numbered 6 in September, which was up from August (4 units).
There are currently 188 condos and homes for sale in Bal Harbour Florida. Inventory reached its high in January 2008 at 237 units, which was mainly due to the large number of One Bal Harbour condos being on the market.
Below is housing data for Bal Harbour Florida Real Estate (for both condos and homes) from the last 15 months from July 2007 through September 2008.
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| Date | 7/07 | 8/07 | 9/07 | 10/07 | 11/07 | 12/07 | 1/08 | 2/08 | 3/08 | 4/08 | 5/08 | 6/08 | 7/08 | 8/08 | 9/08 |
| For Sale | 218 | 233 | 226 | 231 | 227 | 221 | 237 | 220 | 207 | 210 | 202 | 182 | 179 | 177 | 188 |
| Sold | 3 | 4 | 2 | 6 | 4 | 2 | 5 | 13 | 10 | 9 | 7 | 5 | 4 | 4 | 4 |
| Pended | 5 | 5 | 11 | 3 | 8 | 3 | 7 | 15 | 12 | 7 | 5 | 10 | 6 | 4 | 6 |
| Mon of Inv. on Sold | 72.7 | 58.3 | 113.0 | 38.5 | 56.8 | 110.5 | 47.4 | 16.9 | 20.7 | 23.3 | 28.9 | 36.4 | 44.8 | 44.3 | 47.0 |
| Mon of Inv. on Pended | 43.6 | 46.6 | 20.5 | 77.0 | 28.4 | 73.7 | 33.9 | 14.7 | 17.3 | 30.0 | 40.4 | 18.2 | 29.8 | 44.3 | 31.3 |
| Avg. Act Price | 1315 | 1285 | 1306 | 1279 | 1297 | 1371 | 1331 | 1271 | 1209 | 1276 | 1299 | 1245 | 1222 | 1322 | 1359 |
| Avg. Sld Price | 931 | 496 | 460 | 1056 | 1496 | 1548 | 680 | 1571 | 916 | 1299 | 1856 | 545 | 2156 | 1997 | 1253 |
| Avg. Sq. Ft. Price | 515.87 | 299.75 | 273.8 | 413.75 | 748.79 | 600.07 | 403.12 | 651.34 | 517.41 | 628.76 | 710.49 | 310.57 | 710.9 | 660.6 | 639.42 |
| Sold/List Diff. % | 87 | 88 | 92 | 84 | 94 | 95 | 88 | 93 | 85 | 89 | 92 | 87 | 92 | 76 | 86 |
| Days On Market | 36 | 131 | 54 | 108 | 338 | 161 | 169 | 197 | 182 | 176 | 76 | 122 | 87 | 153 | 214 |
| Median Price | 575 | 478 | 460 | 748 | 1538 | 1548 | 325 | 1375 | 615 | 1350 | 1130 | 450 | 2150 | 525 | 1138 |
This representation is based in whole or in part on data supplied by Southeast Florida Association of Realtors or its MLS. Neither the Board or its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the Board or its MLS may not reflect all real estate activity in the market. |
There are some good buys to be had right now in Bal Harbour Florida. We expect to see a continued and steady increase in activity as the smart buyers start to buy. You just have to know where to look and in what area you want to buy, whether it is a specific building, street, neighborhood or area. Some luxury buildings and homes are more resistant to the conditions in the regional and national market.
For customized, detailed reports and more information about real estate in Bal Harbour, Miami, Miami Beach, South Beach, Sunny Isles and the surrounding areas, contact us at 786.553.0697, email us, or visit our award winning website at www.HomesForVIPs.com. We are here to help you learn more about the different areas and to assist you in buying, selling or investing here in South Florida. As licensed Florida real estate agents, we are also certified as e-PROs and International Real Estate Specialists. We speak English, Spanish, Portuguese and French.
Contact Michael Sahlman, P.A.,e-PRO, IRES, CDPE and Cristina Euripedes-Sahlman, Realtors®,Keller Williams Realty Licensed Realtors® in Florida at 786-553-0697 to list your property for sale or to purchase a property in Miami Beach, South Beach, Fisher Island, Bal Harbour, Sunny Isles Beach, Surfside and the rest of Miami-Dade County Florida and southeastern Broward County Florida. We are accepting referrals.
To view all the Bal Harbour and Miami Beach Luxury Condos and Homes For Sale Click here. We know the nearby areas in Miami and all of Miami Dade County, as well as most of Broward County; we will help you get your home Sold if you need to Sell your home and help you buy your Miami Beach Condo or Home; call us today at 786.553.0697.
Disclaimer: The information provided herein is supplied by several sources including the southeast Florida MLS and is subject to change without notice. Miami Beach and South Beach Real Estate Blog does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. Entries on Miami Beach and South Beach Real Estate Blog represent the opinions and ideas of the author(s). Miami Beach and South Beach Real Estate Blog does not express the views of the broker.
Copyright © 2008 By Michael Sahlman, P.A., All Rights Reserved.*Bal Harbour Florida Real Estate Market Report for September 2008*.
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Miami Beach, South Beach Waterfront Real Estate Experts-Michael & Cristina live there and specialize in selling oceanfront condos and luxury homes internationally. Spanish, Portuguese & French spoken.
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