South Beach Luxury Condos-Market Report-Miami Beach Real Estate in 33139

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Real Estate Agent with One Sotheby's International Realty- Miami Beach Real Estate

South Beach Condos-Kevin Tomlinson.com 

 

With the real estate market in a state of flux, absorption rates are increasingly used as an indicator to assess how long it would take to sell ALL the existing condos in each condominium, assuming the rate of sales stays constant and no new listings are added to the inventory. Additionally, absorption rates are the best way of tracking market performance. They are usually used to indicate "overall real estate market performance," or how an entire market is doing.

To calculate monthly absorption rate, I have taken all the condos that are currently on the market in each building in the South of Fifth Street (SoFi) neighborhood of South Beach, and divided them by the number of listings that have sold in their respective condo in the past six months and divided that number by six. Many people compute absorption rates by using the number of sales in a one month period, but I use a six month sales average so it "smoothes" the seasonal "peaks and valleys" to gauge the true overall activity.

The data was based on information from the Southeast Florida Regional (SEFR) MLS or from the associations participating in the SEFR for the period 1/1/07 through 9/3/2007.

Here's the math for South Beach condos-market statistics:

 

View the market statistics for Miami Beach condos at The South Beach Real Estate Blog

 

 

 

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Rainmaker
305,187
ARDELL DellaLoggia
Better Properties Seattle - Kirkland, WA

You can "bait and switch me" anytime.   I don't think absorption rates are going to be relevant though.  There will be those that don't sell and those that do.  Those that sell in one week.  Those that sell in 30 days.  And those that don't want to sell no matter what you do.

Only question is will 7 out of 10 sell or 3 out of 10 sell.  When I started in real estate it was 3 out of 10.

Oct 02, 2007 04:10 PM #1
Rainmaker
61,464
Kevin Tomlinson
One Sotheby's International Realty- Miami Beach Real Estate - Miami Beach, FL
Miami Beach Real Estate

Thanks honey!  I appreciate it!  Depending on the agent, of course!

Now that's special dispensation!

Oct 02, 2007 04:14 PM #2
Rainmaker
168,547
Mary Pope-Handy
Sereno Group Real Estate - Los Gatos, CA
CRS, CIPS, ABR, SRES, Silicon Valley
Wow that's a huge backlog of inventory!!!! I will quit complaining about the Silicon Valley Market this instant!!!!!
Oct 02, 2007 04:57 PM #3
Rainmaker
24,242
Juan Leal
Douglas Elliman - Miami Beach, FL
Miami South Beach Real Estate

This is great info Kevin...Very detailed report... So what's your opinion with the Flamingo project? I hear the North tower is not selling or It may not convert.

Oct 15, 2007 02:38 AM #4
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Rainmaker
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Kevin Tomlinson

Miami Beach Real Estate
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