Amazing but true - South Beach real estate is selling!

There is an old saying

"what doesn't kill you makes you stronger". It's certainly true with South Beach real estate.

Fortunately, we are seeing very good signs that Florida real estate is finally coming out of the financial storm. Most important, they say that changes in state and federal regulation, higher lending standards and the natural evolution of the financial markets will lay a solid foundation for long-term growth.

During the past 12 months

there were some new property tax laws adapted and as a result there is about 10% reduction in Miami Beach property taxes, plus some great benefits for second home buyers who now can apply to have a maximum 10% cap on the amount that property taxes can go up each year.

All these news makes new record-breaking South Beach condos sales. Among the the absolute heavy weight champion is Apogee South Beach. By far, the most luxurious building in the entire Miami, this magnificent condo has been built without corner cutting techniques where no expense was spaired! Check out my blog and see what I have to say about Apogee. During July of 2008 there were 2 recorded sales - 1 for $4,265,000 and $7,300,000. The second property has sold for over $1,700 per foot! That to me is the sign of recovery.

Another great example

is Icon South Beach where the summer months have been quite busy. Prices hold and start to rise, according to recorded sales on MLS.

My prediction

when the financial dust settles and mortgages will be easily obtainable again, the real estate will experiene another wave. Maybe even as soon as beginning of next year.