19 Apr 09 March 2009 South Beach Condo Report
Welcome back!
This is a South Beach Real Estate Report focused on condo sales activity in March 2009 - although the media finally is spreading positive news, in reality the numbers tell a different story.
Local real estate professionals know South Beach to be one of the most active markets in southeast Florida attracting buyer from around the world. Looking across the bay from Downtown Miami one would hope that this relatively small island would weather the real estate downturn better than most sub-markets. What I found when I examined the data provided by the local MLS was a real eye opener and a testament to how bad things are here in Miami.
In March 2009, 61 condos closed totaling $29,166,900 in sales with an average price of $524/sq ft.
In March 2008, 73 condos closed totaling $49,930,100 in sales with an average price of $426/sq ft.
17% decline in net sales
42% decline in gross sales
19% decline in average $/sq ft
Tags: downtown miami real estate, market report, South Beach, south beach real estate
