Almost everyone is telling you to get a home in Miami Beach. Why not? Having your piece of heaven in this cozy tropical paradise is every home buyer's dream come true. However, buying a home doesn’t necessarily mean that you will be getting the best deals in the market after just a few passes on listings. It is important that you know what you're up against in Miami Beach real estate so you can properly plan the investment, thoughtfully selection a home, and eventually enjoy a successful acquisition.
Prices Down For April
It’s the end of March 2010 and prices of homes in Miami Beach real estate have taken a major drop. Realtors report that properties in Miami Beach, Florida dropped in price by 42%. The prices of homes last February were almost $300,000; for the end of March, however, prices have decline to $225,000 so this is the perfect time to speculate among the selections of previously-owned properties if you want to take advantage of low prices.
Foreclosures, on the other hand, rose by 0.3% as the numbers of foreclosed and bank-owned properties dwindled. Today, the average price of the 1,400 foreclosed homes in Miami Beach real estate closed at $232,000 -- which is more expensive than other property listings.
What To Expect From Your Budget
Keep in mind that the prices mentioned above only serves as a guideline on how the market is faring in Miami Beach for 2010. So raising an amount of $225,000 doesn’t necessarily mean that you're going to get a 3-bedroom flat in a good location in the city.
In most cases, your budget will determine what property you will be getting in Miami Beach real estate. For a $200,000 budget, you can easily get a 1 to 2 bedroom flat and walking distance to and from the beach if you’re lucky. However, if you're opting for more luxurious accommodations then you might want to beef up your budget to $400,000 to $600,000 to get a high rise 2 to 3-bedroom condo with complete amenities available to you in the building.
Working With A Realtor
First-time homebuyers in Miami Beach real estate might want to take advantage of an expert to help you out with the purchase. If you're not careful, or have missed a few details in planning, then you are prone to getting a low-quality home or overspending on one that doesn’t really fit your criteria.
Having a realtor to keep you well-advised, as well as handling the investment for you guarantees success. They can easily utilize their many connections to find you appropriate properties that fit your specifications and budget. They can also handle the closing so you need not burden yourself with legalities just to get the property under your name.
William W. Teho, Jr.
Miami Beach Real Estate