Miami Beach Market Activity - July 2010

Created by Kelly Charles with Gary Hennes Realtors. 786 469 9594.

As of August 3rd, 2010 there are 2925 condos and 379 homes for sale* in the Miami Beach region (zip codes 33139, 33140, 33141).

Current condominium listings range from $50,000 to $27,000,000.
Current single family homes for sale are priced from $135,000 to $29,000,000.

Closed Condominium Sales
164* Condominiums/Co-operatives sold in July 2010 at an average of $279 per square foot. Sales prices ranged from $170,000 to $5.35m. The average number of days on the market for condominiums was 142.
This demonstrates a 3% increase in the number of condos that sold, a reduction in the number of days on the market from 153 and a decline from a sales price of $301 per square foot, indicating that condominium prices are moving closer in line to realistic selling prices.

Buildings that saw the most activity in July were:

‘5600 Condo’ located at 5600 Collins Avenue. This is a 288 unit condominium built in 1967. This year there have been 19 sales at an average of $211 per square foot. In July alone there were 4 sales in this building from $156,500 (bank owned) to $410,000 for a completely renovated 2 bed, 2 bath with panoramic views.

‘The Floridian’ located at 650 West Avenue. Built in 1997 with 335 units this is a luxury building equipped with 2 gyms, a fitness center, Jacuzzi, tennis courts, 2 bay front pools a mini mart and business center along with 24/7 security and valet. This year there have been 30 sales, with 4 in July, at an average of $344 per square foot. Sales prices in July 2010 ranged from $180,000 for a 1 bedroom, 1 bathroom to $500,000 for a 3 bedroom, 2 bathroom short sale unit.

Closed Single Family Home Sales
18 Single family homes sold in July 2010 at an average of $292 per square foot, the lowest sale price being $350,000 – a two bed, two bath short sale home, located on the Normandy Golf Course. A 3 bed, 3 bath home sold on The Venetian islands for $1.9m. The average number of days on the market for homes sold in July 2010 was higher at 206 days.

This is a decline in the number of homes sold in July last year of 28%, a rise in price per square foot from $284 and a corresponding increase in the average number of days on the market from 160 days.

*These figures are taken directly from the Multiple Listings Service (MLS) and indicate listings through a REALTOR. They do not include properties for sale/sold directly by owner.