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Miami Beach Luxury Real Estate: Waterfront Estates Report Q2 2009

Miami Beach luxury waterfront home sales drop 50% from last year. No doubt it is easy to see that the real estate activity is not what it was last year. But after running the numbers, I was in no way prepared for the reality of the current state of Miami Beach real estate.

Even if you don't live in Miami it's easy to surmise that condos here (as they are everywhere, actually) are having a tough time. There hasn't been many analysis done on the SFR market here in Miami, so I was shocked to actually see exactly how off the sales are

Miami Beach Waterfront Sales Stats for 1/1/2009-6/30/2009

Miami Beach real estate-luxury waterfront homes

To get a better picture on the actual state of the real estate market here in Miami Beach, I ran the numbers for the same period last year to see the comparison.

Sales Stats for 1/1/2008-6/30/2008

Miami Beach Real Estate-Waterfront Home Sales 2Q 2008

Here's where the rubber meets the road:

Number of Waterfront Homes Sold:

2008: 30
2009: 16

Sold Average $PSF

2008: $966
2009: $675

Average Days on Market [DOM]

2008: 216
2009: 272

In my opinion, these numbers represent the great divide between Miami Beach sellers and buyers. This is why inventory is backing up and number of sales are cut in half. Simply put, buyers seem to want to pay far less that what a seller is willing to accept.

I think that's called a stalemate (It may not, but I figured it sounded like a really nice way to wrap up this post.).

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Posted by Kevin Tomlinson - Miami Beach Real Estate on 07/16/2009 07:08 AM

Comments (23)

miami, miami beach, miami beach real estate, south beach real estate, 33139, luxury waterfront

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23 Comments on Miami Beach Luxury Real Estate: Waterfront Estates Report Q2 2009

JUL

Kevin.

Thanks for a realistic picture of the market in Miami Beach Luxury Real Estate.

This is valuable info for consumers and agent like me who just plain like to know the facts about the market throughout our country.

Kevin,

Interesting data. I donot think that this is really a surprise. I will run similar analysis for our area just to see how we fare compared to Miami.

The Original List Price in comparison to the final sales price tells the story.. Certainly a stalemate!

Perhaps Dan needs to sign some more Footballs... ;-)

Nice Post. We are experiencing the same statistics on the Gulf front. As soon as someone comes down to the buyer I believe it will set off a bit of a run on the Gulf.

Kevin, I'm just trying to wrap my brain around an average price per sq. foot of $675!!! Good market report. Let's hope you'll start to see release of that stalemate soon.

Lenn,

Well hello! How are you? Interesting stuff, eeh? Good to be back!

Jon,

Looking forward to seeing how your area compares.

Lee,

and prior years $psf was almost $1K!

Kevin:

thanks for sharing what is happening in Miami. This is very valuable data. By the way, Bloomberg.com

reported yesterday, that the Russians are busy snapping up properties in Miami. Have you seen this activity?

You still have some very decent prices for condos! Hope you are still doing well, love your web site by the way!

Hi Kevin. I am in Tampa Bay... on the other side of Florida so this is good to know.

Kevin - having the numbers to show exactly what is going on in the market is so powerful. Great info for area buyers and sellers!

Kevin, the HUGE drop in value is breathtaking to say the least. Reality is what reality is and your numbers back it up!

Hi Kevin, wozzie...

I can't evern imagine working in a market with that high of sales price. I'm sure many of these are your sales.

Gary, Surprising HUGE drop.

Kim, Thanks for stopping by!

Missy--it's all the same, hi or low (er). Yes, some are mine. It all evens out in the wash. #icsf?

Corinne

Thanks for your compliment. It's been the bain of my existence.

Hi Kevin,

I think Miami and the wealthier cities of California have seen some dramatic changes in values. Thanks for sharing the data and I suspect one day we look back on these numbers and see the current changes as a real opportunity for those that should want to call Miami home. Many of nations wealthiest entrepreneurs and corporate millionaires are also increasingly looking to other southern countries as a great place to live and retire. There are also increasing numbers of real estate professionals following them there. All this likely levels out over time and today's troubled market will gradually improve. I am cautiously optimistic for the longer term but we may see some additional adjustment before things improve .

JUL

Kevin,

Naples FL has experienced a bit less of a drop in prices. More like 34 per cent., I am seeing the smart money jumping in to buy now. I tell my clients that they should not wait until they read that the market has improved.
By then, the really savvy buyers have been in and bought. . I tell my clients to just make an offer and we can work the offer for months, in some cases. Part of the problem right now is the sellers don't want to lower their prices, the buyers are waiting for them to lower their prices. A stand-off.

Ironically,this will be my best year in thirteen years!

Sounds like a good time to buy...

Hi Kevin~ Well, for anyone considering a beach property, they need to go ahead and buy now! It looks like the market is correcting itself!

JUL

Kevin....Great post!

I actually was in Miami/Miami Beach two weeks ago. (Check out my Facebook Profile for the pictures!) I could not believe all the new buildings...it was amazing!

I wish I would of had time to give you a call and maybe had coffee or a cocktail!

I visited my old stompin grounds...the Fontainebleau....now that's a changed place! Amazing!

Will be back down again in a few months, so hope to meet you that trip!

Matt,

I completely agree with your view.

Marcia,

Mine, too. Although it started about a bit shaky (or non-existant)

Tony,

Certainly a much better time to buy, than say, 2005, LOL.

JUL

Kevin,

Just up the street from you in Fort Lauderdale, I think the number's are even worse. I didn't run the stats YET, however, I will...I do know that some that aren't short sales - look like they are when the buyer wants to make an offer at 1/3 less than listing. REO's are hot up here right now and they are going at or above listing...then again...[I know, LOL, you don't even have to say it - however, I'm talking multi-million dollar homes in this group as well].

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