Miami Beach Real Estate: A Review of Current Condo Market Inventories

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The city of Miami Beach is one of the United States' most fashionable and one of the truly coveted destinations.

The city is a famous tourist, fashion and entertainment, film, fine dining and premier arts and culture destination. However, nothing best defines the city's characteristic more than the unique, highly artistic, architectural landscape being painted by Miami Beach condos and South Beach condos.

Miami Beach is known as an International Mecca for travel, business and to establish a home. From its small hotels with unique designs that line up along lower Collins Avenue and Ocean Drive, to its major upmarket hotel chains along the beach.

The City Has Had Its Fair Share Of Condo Boom Times

The area's extensive redevelopment has catapulted it into the higher levels of real estate in South Florida and the US as well, more so with the place being a well-known bastion of consumerism and all-out hedonism, with it's thriving party, celebrity scene, and entertainment scene.

The city's real estate investment options include ready for occupancy condominiums, and are setting the benchmarks when it comes to the building of elegant, sophisticated and amenity-filled condo developments. The area's most prolific developers, renowned architects and hippest designers are making their mark on the city’s eclectic lifestyle, one that best describes the art of indulgence and opulence.

Current Condo Prices For The City

According to local real estate analysts, the average condo prices based on October, 2007 levels for each of the city's districts are the following: Miami Beach - $496,000; West Avenue - $463,060; Star, Palm and Hibiscus Islands - $2,788,143; Downtown Miami - $555,590; Biscayne Corridor and Wynwood, Edgewater - $448,487.

Local property analysts further noted that during the month of November, 2007, the average time needed to sell a condo in Miami Beach was 153 days.

Have Condo Supply Levels Dropped?

From a more wider perspective, the city of Miami Beach saw a 19 percent slide in its condominium levels since last month. Miami Beach did not come close to experiencing the level of development that we recently saw in Miami.

Most of overseas and out-of-state home buyers are also more likely to purchase a condo unit in this city than they are somewhere in the Miami-Dade area. Many think that the city will continue to see an increasing gap between the Miami and Miami Beach condo supply figures in the months ahead.

Over the years, tourism has been the city's major economic driving force; however today, the area's economy is diverse today. In recent years, it has expanded way beyond its traditional tourism-based cash cow, and has reinvented itself to become a multi-faceted real estate, entertainment, culture, health care and tourism center. This is an area where nearly 95,000 residents live, work, shop, go to school, have fun and go dining, and do many leisure activities.

The city's cultural scene is diverse, and takes pride itself in having the Miami City Ballet and the New World Symphony. Though the city's geographic borders are set, its economic growth is booming, and many public works investments, like the proposed Baylink project, that is expected to create a mass transit connection between Miami Beach and the mainland Miami area, continues to reinvigorate the area.



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Frank Mancino
Finance of America Mortgage - Hamilton, NJ
Frank Mancino
Thank you for the information!!
Apr 27, 2008 01:33 PM #1
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